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Mining Stocks, Base Metals Roar Higher on China Optimism
Mining stocks rose sharply on Friday as base metals prices gained in response to a report that bolstered hopes for a quick relaxation to China’s Zero-COVID policy.
Bloomberg reported earlier that China is working on plans to scrap a system that penalizes airlines for bringing virus cases into the country. The report revived this week’s strong rally in Chinese stocks, which had begun when unverified claims on Chinese social media said the government may put together a new committee to coordinate an exit from a policy that has acted as a drag on the world’s second-largest economy all year.