Copper price rebounds as China eases covid restrictions 

Workers in machinery factory in China. Stock image.

Copper prices rose on Thursday, buoyed by easing covid-19 restrictions in China.

Shanghai will start allowing more businesses in zero-covid areas to resume normal operations from the start of June, deputy mayor Zhang Wei said as the city prepares for the end of lockdown.

“Sentiment had been buoyed by hopes that China is making progress towards an exit from strict lockdowns,” commodity strategists at ANZ said in a note.

Copper for delivery in July rose 2.62% from Wednesday’s settlement price, touching $4.28 per pound ($9,433 per tonne) midday Thursday on the Comex market in New York.

Click here for an interactive chart of copper prices

The most-active June copper contract on the Shanghai Futures Exchange ended daytime trading down 0.3% at 71,530 yuan ($10,576.04) a tonne.

Related: China’s metal exports storm higher to fill gap left by war

(With files from Reuters)