Copper has gained 3.20%.
Obviously, the sharp swings in the commodity market persisted, as traders were anticipating increased volatility amid China's actions to contain prices.
Iron ore plunged this week on concerns that demand is faltering because of China's shift to fast-growing commodities. SGX futures rebounded from lows and traded at $ 183.90 on Thursday.
Meanwhile, Copper, although is having its worst week since September, is trading near an all-time high.
Analysts at Citigroup said the goal of China's policy is to contain the rate of price increases, but not completely destroy the rally. Hence, commodity prices will rise again once the ongoing correction ends.
This pause in commodities could also help curb inflation on food, cars and appliances, especially since the reopening of economies will surely trigger a strong surge because of pent-up demand. But worries about bad weather and job problems in the mining industry might affect supply and demand for raw materials.
All in all, iron ore and copper declined this week, but on Thursday recovered and traded upwards. Copped jumped by as high as 3.20%, hitting a price of 4.6750.
