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Copper Prices Jumps on China stimulus hopes

Metal News - Published on Wed, 21 Aug 2019

Image Source: Business Reacorder
Reuters reported that copper prices advanced as China announced new measures to support its economy amid a damaging trade war with the United States, potentially improving demand for the red metal. China’s central bank over the weekend unveiled a key interest rate reform in a bid to help steer borrowing costs lower for companies.

Three-month copper on the London Metal Exchange rose 0.4% to USD 5,764 a tonne by 0410 GMT, while the most-traded copper contract on the Shanghai Futures Exchange edged up 0.2% to 46,510 yuan (USD 6,602.22) a tonne. However, the metal’s rise was capped by weak data that showed the Chinese economy continues to be hurt by an ongoing trade war with the United States, while a trade deal is not yet in sight.

Copper inventories in LME-registered warehouses have jumped by 22% in three days to 331,975 tonnes, while stocks in warehouses tracked by Shanghai Futures Exchange rose 4.1% in a week.

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Posted By : Amom Remju on Wed, 21 Aug 2019
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