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Copper Prices Rise on Economic Stimulus from Japan and China
Jan. 29, 2016 09:43AM PST
Base Metals Investing The Wall Street Journal reported that copper prices were on the rise on Friday after economic stimulus measures were announced by the People’s Bank of China and the Bank of Japan.
The Wall Street Journal reported that copper prices were on the rise on Friday after economic stimulus measures were announced by the People’s Bank of China and the Bank of Japan.
As quoted in the publication:
Copper futures rose 0.5% to $2.06 a pound on the New York Mercantile Exchange,
On Friday, the BOJ said it cut the deposit rate it pays on cash being parked at the BOJ by commercial banks in excess of legally required reserves, to minus 0.1% from the previous plus 0.1%, an unexpected move designed to keep the economy from sliding back into the stagnation that has dogged it for much of the last two decades.
China’s central bank pumped an additional 100 billion yuan ($15.21 billion) into the financial system via an extra money-market operation, pushing this week’s net cash injection to a record 690 billion yuan. The Shanghai Composite Index closed up 3.1%.
