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Motilal Oswal Report
Protests intensified in China as people lost patience after almost three years of risk-on/risk-off approach of the Chinese government towards Covid-19, leading to frequent and extensive lockdowns with no end in sight.
The protests were across several cities and in numerous important places including Foxconn factory, which drew significant amount of attention and resulted in the government announcing a slew of measures to relax lockdowns.
China is now setting vaccination targets for adults, and waiving mandatory PCR testing in some provinces.
Ailing Chinese real estate sector shares have moved up strongly as Chinese administration has started work on reopening the economy.
Non-ferrous reacted positively to reopening of Chinese economy with copper/aluminum/zinc/nickel/alumina up 3.4%/4.4%/4.8%/13.6%/5.0% week-on-week, respectively. Aluminum scrap spread rebounded 6% week-on-week to $663/tonne.
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