December copper futures on the Comex rose in price on 0,21% – to 2.36 per pound (about 0.45 kilograms).
MOSCOW, 26 Jan. Copper prices on Monday are rising on the decision of the Chinese Central Bank to reduce interest rates, according to AFP.
As at 07.31 GMT, the December copper futures on the Comex rose in price on 0,21% — to 2.36 per pound (about 0.45 kilograms).
By the end of trading Friday the price of a ton of copper on the London metal exchange (LME) for delivery in three months declined by 1.08% to $ 5176 per ton. The price of a ton of aluminum rose 0.40%, to 1496 dollars, zinc — on 0,29%, to $ 1755.
The people’s Bank of China on Friday cut the interest rate by 0.25 percentage points to 4.35%. Deposit rate thus reduced by 0.25 percentage points to 1.5%. The changes came into force from Saturday, October 24. From the same date in reserve requirements for Chinese banks reduced by 0.5 percentage point in order to maintain an acceptable level of liquidity in the banking system.
According to experts Argonaut Security, reduction of interest rates will ease fears of economic slowdown in China, the largest consumer of industrial metals, writes Reuters.