Commodities From Oil to Zinc Soar After China Eases Covid Rules
- Oil settles near $89 a barrel, company shares also surge
- China reduced quarantine times for people entering the country
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Commodities from oil to soybeans to precious metals jumped after China eased some Covid restrictions, raising hopes of a demand recovery in the world’s second-biggest economy.
Almost all major commodities traded higher following China’s move to reduce the time that travelers and close contacts of infected people must spend in quarantine, a significant amendment to the Covid Zero policy. Oil futures in New York rose 2.8% to settle near $89 a barrel. Copper, precious metals and agricultural commodities from corn to wheat all climbed, as did shares of companies across the sector. Aluminum had its best day since 2009.