Copper in New York Declines by as Much as 1.3% after China Rate Increase-Shanghai Metals Market

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Copper in New York Declines by as Much as 1.3% after China Rate Increase

Industry News 09:30:50AM Dec 27, 2010 Source:SMM

Dec 27 (Bloomberg) --  Copper in New York dropped as much as 1.3 percent to $4.2040 a pound today after China raised interest rates for the second time since mid-October to cool inflation.

The People’s Bank of China increased key one-year lending and deposit rates by 25 basis points on Christmas Day. The change took effect yesterday.

The March-delivery contract traded 0.8 pecent lower at $4.2255 a pound by 8:28 a.m. in Shanghai.
 

 

 

Copper in New York Declines by as Much as 1.3% after China Rate Increase

Industry News 09:30:50AM Dec 27, 2010 Source:SMM

Dec 27 (Bloomberg) --  Copper in New York dropped as much as 1.3 percent to $4.2040 a pound today after China raised interest rates for the second time since mid-October to cool inflation.

The People’s Bank of China increased key one-year lending and deposit rates by 25 basis points on Christmas Day. The change took effect yesterday.

The March-delivery contract traded 0.8 pecent lower at $4.2255 a pound by 8:28 a.m. in Shanghai.