China’s border reopening boosts commodities

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The reopening of China’s borders strengthened commodity prices this morning, boosting shares in London’s mining and oil heavyweights.

China, the world’s biggest consumer of metals and crude, opened its borders for the first time in three years over the weekend and its government estimates that two billion domestic trips will be taken during the lunar new year season, nearly double last year’s movements.

Shares in Antofagasta, the copper miner, advanced 38p, or 2.3 per cent, to £16.93 as prices of the metal rose to their highest for more than six months on hopes of increased demand in the world’s second largest economy. The price of other base metals including gold, silver and platinum also rose.

Glencore, the commodities group, was up 10½p, or