On the London Metal Exchange, aluminium prices increased 2.3% to $2,317 a tonne, zinc jumped 4.6% to $2,845, lead was the laggard with a 0.6% gain to $2,007 while nickel climbed 3.1% to $23,500 and tin was up 2.1% at $18,130.
Gold prices also gained with the precious metal up nearly $50 to $1,678 per ounce while silver was trading 6.7% higher to scale the $20 an ounce level for the first time in three weeks.
US jobs and Chinese covid policies
China consumes half the world’s base metals and the rally on Friday was sparked by swirling rumours that the country may move away from its zero-covid policy. Reuters reports a former Chinese disease control official on Friday said the country “will soon make substantial changes” to the way it handles the disease.
The copper price was also underpinned by further evidence of supply problems for the world’s bellwether metal with top producer Chile announcing a nearly 5% fall in output…
