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Tuesday May 14, 2024

London copper gains

Reuters

By our correspondents
August 28, 2015
Sydney
London copper futures strengthened on Thursday after a sharp rebound in Chinese equity markets helped calm investors hit by worries over China's faltering economy.
China's major stock indexes rose on Thursday following on from a strong rebound on Wall Street.
The lift helped distance the benchmark London Metal Exchange copper contract further from the six-year lows plumbed earlier in the week amid heightened concerns China was headed for a hard landing.
"We've seen Beijing move in and take more control over the economy and that's a positive for copper," said a Sydney-based trader.
China is responsible for consumption of nearly half the world's copper.
Beijing this week launched new stimulus measures to boost the country's flagging economy, including a cut to its key lending and deposit rates by 0.25 percent.