Home / TIPS / MTECHTIPS:-Copper futures edge higher on hopes for more China stimulus

MTECHTIPS:-Copper futures edge higher on hopes for more China stimulus

MTECHTIPS:-Copper futures edge higher on hopes for more China stimulus

Copper futures inched higher on Tuesday, as weak Chinese industrial profits data reinforced views that Beijing will roll out additional support measures for the world’s second largest economy. Copper for December delivery on the Comex division of the New York Mercantile Exchange tacked on 2.0 cents, or 0.85%, to trade at $2.377 a pound during morning hours in London. A day earlier, copper rose 0.7 cents, or 0.3%. Data released earlier showed that Chinese industrial profits slipped 0.1% from a year earlier in September, compared to an 8.8% tumble in the previous month. Copper prices have been under pressure in recent sessions as persistent worries about future demand from top consumer China weighed. The People’s Bank of China cut its benchmark interest rate by a quarter percentage point on Friday, the latest in a series of measures aimed at stimulating economic activity and boosting growth. It was the sixth rate cut over the past 12 months, fueling concerns that economic growth is weakening more than is currently expected. The rate cut came several days after Chinese government data showed third-quarter economic growth slowed to 6.9%, the first time since the global financial crisis that the country’s gross domestic product has grown less than 7%.

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