London copper near highest in about 2 months after China rate cut

02 Mar, 2015

MELBOURNE: London copper rose towards its highest in nearly two months on Monday after top metals user China cut interest rates at the weekend, but caution over faltering demand growth kept a lid on prices.

Three-month copper on the London Metal Exchange traded little changed at $5,899, having earlier jumped as much as 0.8 percent to $5,941 a tonne, within shouting distance of last week's peak, which was the loftiest since Jan 13. Prices closed little changed on Friday, when the metal logged its largest monthly advance in more than two years.

The most-traded May copper contract on the Shanghai Futures Exchange struck 43,140 Yuan ($6,881), it’s highest since January 13, before holding at 42,830, up 0.3 percent.

Copyright Reuters, 2015

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