Commodities Turn Higher as China Loosens Its Virus Restrictions
- Spending on the power grid likely to be supportive for copper
- China may take steps to export more fuel to clear stockpiles
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Industrial commodities in China mostly rose as the number of Covid-19 cases fell and the government began to loosen its restrictions that were choking the economy.
The virus is now deemed under control in Beijing, while Shanghai’s outbreak appears to be heading that way as officials outlined their plan to revive the city after a two-month lockdown. Measures include allowing manufacturing to restart, accelerating property approvals and making car purchases cheaper, all metals-intensive areas that had been hit hard by the virus.