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Commodity News Details
Copper comes off four-month high
30-Sep-2024 17:30

Copper gave up gains from a four month high on Monday as equities fell sharply as Middle East worries escalated and investors awaited comments from ECB President Christine Lagarde and Federal Reserve Chair Jerome Powell for additional clues on the rate outlook. Recent gains can be largely attributed to China's aggressive stimulus measures, which bolstered the economic outlook for the world's top copper consumer. Key developments include the People's Bank of China allowing mortgage refinancing and slashing the reserve requirement ratio by 50 basis points, injecting 1 trillion yuan into the economy. Currently, the counter is quoting at $4.57 per pound, down around half a percent.

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