Copper Climbs on Back of Chinese Bank Announcement About Lending Rates

Bloomberg reported that copper rose for the second day in a row, encouraged by steps taken by China to loosen bank lending costs.

As quoted in the market report:

There’s been a lot of bad economic news coming out of China, and this gives the markets something to be optimistic about,” Michael Smith, the president of T&K Futures & Options in Port St. Lucie, Florida, said in a telephone interview. “China is always the thing that moves copper markets, and this sort of stimulus will be considered a positive.

To view the whole Bloomberg report, click here.