Copper subdued after China rate cut fans demand concerns

London copper was steady on Monday after top metals user China cut interest rates at the weekend, raising concerns about the extent of a slowdown in demand in the world’s top metals consumer.

China cut rates for the third time in six months on Sunday in a bid to lower companies’ borrowing costs and stoke a sputtering economy that is headed for its worst year in a quarter of a century.

The most-traded July copper contract on the Shanghai Futures Exchange slipped 0.2 percent to 45,790 yuan ($7,375.73) a tonne.

Hedge funds and money managers added to net long positions in copper futures and options in the latest week, U.S. data showed.

In other metals, LME nickel extended gains into a fourth week, climbing 0.8 percent to $14,420 a tonne.

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Posted in: Indian Market Tips