Commodity prices extended their advance amid further easing of COVID-19 restrictions in China as traders ramped up bets on a powerful rebound in demand for raw materials next year in the world’s second-largest economy.
Authorities are loosening restrictions even as virus cases continue to climb, offering traders the clearest sign yet that China might be ending its three-year pursuit of eliminating the virus. The Australian dollar was steady at US68.13¢ on Friday morning, consolidating its swift 10 per cent gain over the past six weeks. The SBase metal prices were also boosted by signs of improving demand and a weaker US dollar asCopper jumped 1.5 per cent to $US8360 per tonne, fresh off its best month since April 2021. Nickel rose 1.2 per cent to $US27,310 per tonne, and aluminium settled 0.4 per cent higher at $US2457 a tonne after touching its highest level since mid-June.
The fluctuation in prices will be discussed at next week’s virtual meeting of the Organisation of Petroleum Exporting Countries and its allies. OPEC cut crude output by just over 1 million barrels per day in November to help boost prices.
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