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Commodity: Copper increases

13/06/2023
Categories: Raw materials

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Copper moved on Tuesday as the reduction in interest rates in China boosts risk sentiment.

The price of copper rose on Tuesday after China, the largest consumer of metals, cut borrowing costs for the first time in 10 months to support economic growth, which could possibly improve metal demand.

Three-month copper on the London Metal Exchange rose 0.3% to 8,337 dollars per metric ton at 0456 GMT, while the most traded July copper contract on the Shanghai Futures Exchange was almost unchanged at 67,130 yuan ($9,377.66) per metric ton.

LME aluminum increased 0.4% to 2,237 dollars per metric ton, zinc increased 0.7% to 2,365 dollars, nickel increased 1.1% to $20,975, lead fell 0.4% to 2,064.50 dollars, tin increased 0.2% to 25,950 dollars. Aluminum in SHFE fell by 0.3% to 18,285 yuan per metric ton, nickel fell by 1.4% to 160,700 yuan, zinc fell by 0.1% to 19,795 yuan, tin fell by 1.1% to 210,310 yuan while lead rose by 0.5% to 15,305 yuan

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