China’s Stimulus Boosts Industrial Metals
Copper climbed for a second day after a report that China’s central bank intensified stimulus measures to support growth, boosting the demand outlook in the biggest consumer.
The metal climbed as much as 1 percent on the London Metal Exchange. The People’s Bank of China is injecting 500 billion yuan ($81 billion) into the nation’s five biggest banks, according to a government official familiar with the matter.
“The report from China lifted sentiment in the market, easing concern that China’s economy is slowing,” said Tetsu Emori, a fund manager at Astmax Asset Management Inc. in Tokyo. “If copper closes above $7,000 in coming days, we may see more support coming in.”
In New York, the contract for December delivery fell 0.6 percent to $3.1485 a pound. It gained 2.6 percent yesterday, the most in 13 months. The metal for delivery in November rose 1.6 percent to close at 49,480 yuan ($8,056) a ton on the Shanghai Futures Exchange.
On the LME, tin and lead also climbed, while aluminum and nickel retreated. Zinc was little changed.
Source: Bloomberg
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