Copper prices reached their highest level in 3 years
LME Copper prices gained momentum and surged by more than 3% as global investors chose to react to news of selective monetary easing in China once Chinese markets returned from week long holiday. People's Bank of China's had announced on Sept. 30 that it would cut the reserve requirement ratio (RRR) for some banks that meet certain requirements for lending to small business and the agricultural sectors. Demand prospects brightened further after the International Monetary Fund raised Chinese economic growth forecast for 2017 and 2018 to 6.8% and 6.5% respectively, both 0.1 percentage point higher than its previous forecast in July. Besides, persistent decline in LME stocks has already pulled the inventories lower by 5 percent so far in October.
Source: Reuters
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