Copper prices jumped to a more than six-month high on Monday as China reopened its borders and the outlook for demand became clearer.
Copper for March delivery rose 3% to $4.03 a pound, or $8,866 a ton, on Comex in New York.
Copper for three-month delivery on the London Metal Exchange hit $8,711 earlier in the session, its highest since June 23, 2022.
The most-traded March copper contract on the Shanghai Futures Exchange closed at 66,090 yuan ($9,750.52) a metric ton, up 1.5%.
The Chinese mainland has opened sea and land links with Hong Kong and lifted quarantine requirements for people entering the country.
China's reopening of its borders marks the end of zero coronavirus, a strategy that has left the world's second-largest economy isolated for three years and weighed heavily on the economy.
More than 36,000 Hongkongers left the city by land border on Sunday, all but one of them heading directly to China, according to government data. That's eight times the number that left the day before and the largest outflow since Feb. 3, 2020, according to government statistics and data compiled by web-site.com.
"The events of the weekend seem to have changed the way many people think about the global economy... This in turn has led to talk of green shoots of recovery, with the Chinese economy in full swing and therefore the global economy, "said Malcolm Freeman, a director at brokerage Kingdom Futures, in a note.
The dollar weakened on China's reopening of its borders and growing hopes that the Federal Reserve would slow the pace of interest rate rises after the December jobs report.
