Metals market dazzled with zinc at its highest in a decade, copper hitting a nearly three-year high and iron ore’s gains in the last two sessions stretching to 5 percent.
Zinc hit its highest since October 2007 at $3,180.50 a tonne, bellwether metal copper rallied to $6,593 a tonne, its highest since November 2014, and nickel, used in stainless steel, gained over 2 percent to a 2017 peak.
It came amid hopes for Chinese infrastructure spending as stocks at Chinese ports fall for a fourth week and a potential boost down the road from electric cars, though some analysts cautioned moves may be speculative too, Reuters reports.
“I’m looking at the prospect for the global economy and looking at the price of metals and there seems to be a significant disconnect between the two,” said CMC markets strategist Michael Hewson.
“But it’s certainly helping the mining sector, which has been beleaguered for quite some time.”
