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LME Copper Rises As Chinese Stimulus Raises Hopes Of Higher Demand

20 Feb 2020 10:11 am
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Mumbai (Commodities Control) – Copper prices rose on Thursday after top consumer China's monetary measures to prop up its virus-hit economy lifted expectations of higher demand for the metal.

While the country's central bank reduced its one-year and five-year loan prime rates, copper's gains were checked as the move was widely expected.

Three-month copper on the London Metal Exchange rose as much as 0.8% to $5,814 a tonne before easing to $5,786.50 a tonne by 0218 GMT, up 0.3%.

The most-traded copper contract on the Shanghai Futures Exchange advanced 0.04% to 46,240 yuan ($6,599.02) a tonne, having risen as much as 0.4%.

China's Hubei province had 349 new confirmed cases on Wednesday, down from 1,693 a day earlier. The new figures include subtracting 279 cases that were not confirmed, a larger-than-usual number. Excluding the deductions, the number stood at 628, still a large drop.

LME aluminium edged up 0.1% to $1,722 a tonne, nickel rose 0.1% to $12,840 a tonne, zinc increased 0.7% to $2,142 a tonne, while lead dipped 0.2% to $1,879.50 a tonne.

ShFE Aluminium eased 0.2% to 13,670 yuan a tonne, shanghai nickel fell 0.6% to 103,650 yuan a tonne and zinc dipped 0.1% to 17,110 yuan a tonne.

(Commodities Control Bureau)

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