(LME) copper futures on the London Metal Exchange rose on Tuesday after the people's Bank of China loosened monetary policy and Chinese imports rose sharply.
17:00 London time (01:00 Beijing time on December 8th) copper for delivery in three months), LME rose 90 U.S. dollars, or 0.95 percent, to 9595 U.S. dollars per ton.
China's central bank announced on Monday that it would cut the required reserve ratio for financial institutions by half a percentage point on Wednesday, the second cut this year, releasing 1.2 trillion yuan in long-term liquidity.
Analysts at Dutch International Group (ING) said: "China's policy loosening promotes optimism. At the same time, the worst of the housing market may be over. " Real estate is the main consumer of copper.
China's copper imports rose for the third month in a row in November, the highest since March, as demand for metals rose after power tensions weakening industrial production eased, customs data showed on Tuesday.
China's imports rose 31.7 per cent in November from a year earlier, up from 19.8 per cent in October and well above expectations of 20.6 per cent growth.
It can be seen that the low level of inventory and spot water rise indicates a tight supply in the physical market, which brings support to the base metals.
Copper inventories at LME registered warehouses stood at 74225 tons, the lowest level since March. Copper stocks on the Shanghai Futures Exchange were 36110 tonnes, down 84 per cent from 229179 tonnes in May.
