Chinese Support in Base Metals

With the easing of the pandemic process, an increase was observed in base metals after positive statements from China, the world's largest consumer.

It was stated that base metals entered an upward recovery process from the lowest level of the year on the signs that the coronavirus epidemic in China has eased. Following reports that there was no social contagion for three days in Shanghai, the country's economy, finance, and trade city, the relaxation of the two-month closures, which caused the country's economy to shrink significantly in the previous month, drew attention. While the People's Bank of China announced that it will cut rates for new mortgages over the weekend, the bank decided to keep the interest rate constant due to inflation and money outflow concerns. In a note, City Futures evaluated that with the easing of the epidemic in Shanghai, support policies in the real estate sector will strengthen expectations for stable economic growth. Copper rose 0.9 percent to $9,332 on the London Metal Exchange. Zinc rose 2.4 percent, while aluminum rose 0.5 percent. Tin also increased by 1 percent to $34 thousand 210.