China rate cut lifts Copper
24/11/2014 11:37
Copper futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for copper in the domestic spot market. Further, the first interest rate cut by China, the world’s biggest metals consumer, in more than two years boosted hopes of an economic revival, lifting the demand outlook for copper. The People’s Bank of China slashed the one-year lending rate by 0.4 percentage point to 5.6 per cent, while the one-year deposit rate was reduced by 0.25 percentage point to 2.75 per cent. At the MCX, copper futures for November 2014 contract is trading at Rs. 414 per 1 kg, up by 0.28 per cent, after opening at Rs. 413.40, against the previous closing price of Rs. 412.85. It touched an intra-day high of Rs. 414.60. (At 11:26 AM).
24/11/2014 11:37
Copper futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for copper in the domestic spot market. Further, the first interest rate cut by China, the world’s biggest metals consumer, in more than two years boosted hopes of an economic revival, lifting the demand outlook for copper. The People’s Bank of China slashed the one-year lending rate by 0.4 percentage point to 5.6 per cent, while the one-year deposit rate was reduced by 0.25 percentage point to 2.75 per cent. At the MCX, copper futures for November 2014 contract is trading at Rs. 414 per 1 kg, up by 0.28 per cent, after opening at Rs. 413.40, against the previous closing price of Rs. 412.85. It touched an intra-day high of Rs. 414.60. (At 11:26 AM).
