Commodity News
HeadLine : Copper bounces on plans for Chinese, global stimulus
Date : Mar 11 2020
Other industrial metals also bounced, along with oil and equity markets, with the United States and Japan among those announcing plans to counter the impact of the virus and support economic growth. Also lifting sentiment was a visit by Chinese President Xi Jinping to the outbreak epicentre in the central city of Wuhan after a sharp drop in new cases in mainland China in the past week. Benchmark three-month copper on the London Metal Exchange gained 0.6% to $5,566 a tonne in final open-outcry trading after sinking to $5,433 on Monday, the weakest in more than three years. Factories in China slowly coming back online raised hopes of an uptick in demand. The utilisation rate at copper semi fabricators, which process the metal into products such as wire-rod or tubes, has picked up to 60% from 40%-50% a week earlier as more people return to work, the analyst added.

Source : Reuters
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