KONTAN.CO.ID - LONDON. London copper prices rose to a three-week high on Wednesday on reinforced hopes of more stimulus measures from top metals consumer China after it cut the amount of cash that banks must hold as reserves. Three-month copper on the London Metal Exchange (LME) was up 1.7% at $8,551 per metric ton in official open-outcry trading after hitting its highest since Jan. 2, breaking above the 21-day moving average's resistance level of $8,443. "Industrial metals extended gains as China unveiled a plan to cut reserve requirement ratio for banks. Hopes for more stimulus from Beijing are also supporting," said Ewa Manthey at ING.
Copper Hits 3-Week High on China Stimulus, Weaker Dollar
KONTAN.CO.ID - LONDON. London copper prices rose to a three-week high on Wednesday on reinforced hopes of more stimulus measures from top metals consumer China after it cut the amount of cash that banks must hold as reserves. Three-month copper on the London Metal Exchange (LME) was up 1.7% at $8,551 per metric ton in official open-outcry trading after hitting its highest since Jan. 2, breaking above the 21-day moving average's resistance level of $8,443. "Industrial metals extended gains as China unveiled a plan to cut reserve requirement ratio for banks. Hopes for more stimulus from Beijing are also supporting," said Ewa Manthey at ING.