Copper Has Best Day Since 2009 as Metals Rocket on Dollar Drop

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LME copper rises as much as 7.4% to highest since September

All metals rally on LME, supported by Covid-easing speculation

November 4, 2022 at 7:05 AM EDTUpdated onNovember 4, 2022 at 2:02 PM EDT

Copper soared by the most since 2009 as optimism about a relaxation in China’s Covid policies and a steep decline in the dollar set off a scorching run-up across industrial metals markets already facing tight supply.

Copper closed 7.1% higher on the London Metal Exchange, while zinc rose 5.7% and aluminum rallied 4%. Mining equities also jumped, with Anglo American Plc surging 11%. A slumping dollar boosts purchasing power for commodities consumers in countries like China, where the yuan saw its biggest rally since 2005.

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