Lufthansa Cargo strengthens 'key strategic partnerships' in China
Lufthansa Cargo has made a big bet on China: it has signed agreements with Shanghai ...
Up and Down arrow a footbridge
BLOOMBERG reports:
Commodities from oil to iron ore and copper jumped after China eased some Covid restrictions, raising hopes over a demand recovery in the world’s second-biggest economy.
Almost all major commodities traded higher following news that China reduced the amount of time that travelers and close contacts of infected people must spend in quarantine, a significant amendment of the Covid Zero policy.
Oil futures in New York and London added more than 2%, while iron ore traded in Singapore soared as much as 8.2%. Copper, precious metals and agricultural commodities also all climbed.
The China news strengthened a rally that began on Wall Street, with risk assets broadly higher as lower-than-projected US inflation data set the stage for a slowdown in aggressive interest-rate hikes. A gauge of the dollar has fallen sharply from its 2022 high in recent days, aiding commodities priced in the currency.
To read the full post, please click here.
Comment on this article