Copper prices hit two-week highs on Wednesday as the easing of Covid restrictions in China, the world’s top metals consumer, spurred buying, but recession risks and expectations of lower demand capped gains. .
Benchmark copper on the London Metal Exchange rose 1.1% to $8,444 a tonne, after touching $8,520, its highest level since December 14.
Rising Covid cases in China and the Lunar New Year holiday next month are expected to curb demand for metals, although supply fears could provide some support.
For their part, lead prices reached $2,302.50 per ton, their highest level since May 5. Zinc rose 1.5% to $3,010 a ton; aluminum fell 0.3% to $2,382; tin rose 4.1% to $24,905; and nickel rose 2.8% to $30,375.
Gold falls 1% due to rising dollar
Gold prices fell 1% on Wednesday, after hitting a six-month high in the previous session, on the strength of the dollar and rising Treasury yields. Spot gold fell to $1,803.09 an ounce, after falling to $1,796 earlier in the session. US gold futures lost 0.7% to $1,810.40.
The metal has risen around $200 from September’s more than two-year lows on expectations of a slow pace of interest rate hikes.
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