Sunday, November 6, 2022

"Copper price back above $8,000 on China reopening hopes"

Table Tennis, the Chinese Communist Party lifted the covid restrictions for a table tennis tournament.

Regarding the country as a whole, the leadership has to crush the dreams of the middle class lest they become too powerful and fall away from the Party leadership. -coming up.

First up, the headliner from Mining.com, November 4:

The copper price jumped on Friday as rumors swirled about China loosening its strict covid-19 measures.

Copper enjoyed one of its best trading days in years surging 7.9% in New York to exchange hands for $3.697 per pound ($8,150 a tonne) in midday trade, a 10-week high for the December Comex contract.

A former Chinese disease control official on Friday said that China will soon make substantial changes to its covid-19 policy, but did not give the basis for that information.

Other unverified reports emerged this week that China would remove coronavirus curbs.

“Our China economist is very skeptical about these rumors. He reckons that, with the low level of vaccination, the government is not going to move any time soon,” said Caroline Bain, chief commodities economist at Capital Economics....

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And from Bloomberg, October 31: 

China eases its strict Covid rules for table tennis tournaments

The futures are down a little bit, off 0.0725 (1.87%) at $3.6140