Copper price rises as China reports no new covid-19 cases

Copper prices rose on Monday as the risk-on sentiment spilled over from the equities market, reinforced by optimism over economic recovery after top consumer China reported no new local covid-19 cases for the first time since July.

Asian shares bounced as a wave of bargain hunting swept beaten-down markets.

Surging novel coronavirus cases due to the highly transmissible Delta variant, slowing China growth and fear of US policy tightening this year have weighed on base metals, with copper hitting its lowest in more than six months last week.