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Reuters reported that LME copper prices rose higher on Monday following an interest rate cut in China. Copper futures for delivery in three months gained 0.2 percent to $5,184.50 a tonne by 7:19 a.m. GMT.
Reuters reported that LME copper prices rose higher on Monday following an interest rate cut in China. Copper futures for delivery in three months gained 0.2 percent to $5,184.50 a tonne by 7:19 a.m. GMT.
As quoted in the publication:
China’s central bank cut interest rates for the sixth time in less than a year, and it again lowered the amount of cash that banks must hold as reserves in a bid to jump start growth in its stuttering economy.
“While rate cuts will stoke concern over China’s slowdown, the ample room for rate cuts and multiple options to maintain liquidity to (the) real economy greatly reduce downside risks,” Argonaut Security said in a note.
