Copper extends rebound on hopes for China stimulus, U.S. rate cuts [BNN Bloomberg (Canada)]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: BNN Bloomberg
The metal has ticked up on hopes of some boost to growth from China's Third Plenum policy meeting later this month, the Chaos Ternary Research Institute said in a note. Meanwhile, rising chances of another Donald Trump presidency in America may have lifted expectations for rate cuts. Copper's moves also follow a jump in withdrawals from London Metal Exchange warehouses in Gwangyang, South Korea. The metal traded up 0.6 per cent at US$9,691 a ton on the LME as of 12:26 p.m. in London. Most other metals also gained. Copper prices have retreated from a record near $11,100 in May on expanding global inventories and weak Chinese demand.
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