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Commodity stocks drive FTSE 100 to more than one-week high

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© Reuters. FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville

(Reuters) – UK’s FTSE 100 rose on Monday, as an easing of COVID-19 restrictions in China brought relief to commodity prices, lifting shares of major oil and mining companies.

The commodity-heavy FTSE 100 was up 0.4%, as of 0704 GMT, while mid-cap FTSE 250 index edged 0.3% higher.

The risk sentiment improved following a Wall Street rally late last week and a rebound in copper and iron ore prices on Monday, boosted by an easing COVID-19 restrictions in Shanghai and relaxed testing mandates in several Chinese cities. [MET/L] [IRONORE/]

London-listed shares of Rio Tinto (LON:RIO) rose 2% after a U.S appeals court ruled that the federal government may give the UK copper miner a right to lands in Arizona.

BAE Systems (LON:BAES) edged 0.4% higher after the defence company received a $12 billion contract from the U.S Department of Defence.

FTSE 100 rises as commodity-linked stocks rebound

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