The copper prices went up to the more then 6 month high on Monday on demand forecasts improved following China’s reopening of its borders.

At $8,710 earlier in the day, 3-Month copper on London Metal Exchange reached its highest level since Jun 23, 2022.

On the Shanghai Futures Exchange, the most actively traded March copper contract closed high 1.5% at 66 095 yuan ($9 751.80) per metric ton.

The restarting of China’s borders signifies the end to Covid Zero, a policy that secluded the second-largest economy in the world for 3 years and had a negative impact on the economy.

The director of broker Kingdom Futures, “this in has led to talk on green shoots for revival, full speed ahead for Chinese, and hence the world economy.”

The reopening of China’s borders and growing expectations that the United States Federal Reserve will scale down interest rate increases in the wake of the Dec jobs report caused the US dollar to weaken.