Copper Rebounds as China Vows Additional Support for Economy

(Bloomberg) — Copper recouped some of Monday’s losses after China pledged more support to help revive an economy that’s been imperiled by an escalating Covid outbreak.

The metal rose as much as 2.3% as China’s central bank vowed to increase monetary support to the real economy, especially for industries and small businesses hit hard by the pandemic, according to a statement on Tuesday. That follows the People’s Bank of China’s decision Monday to cut the amount of money that banks need to have in reserve for their foreign currency holdings, an attempt to help limit the drop in the yuan.