LONDON, Feb 20 (Reuters) – Copper prices advanced on Tuesday after China cut mortgage rates, but gains were capped as investors wait for more support for the economy of the world’s top metals consumer. Three-month copper on the London Metal Exchange was up 0.6% at $8,481.50 per metric ton by 1040 GMT. LME copper has rebounded 4.4% since touching the lowest in nearly three months on Feb. 9. China announced its biggest ever reduction in the benchmark mortgage rate on Tuesday, cutting the five-year loan prime rate by 25 basis points. “Cutting mortgage rates more than expected is clearly a good thing, but people are looking for more action from the central bank,” said Ole Hansen, head of commodity strategy…
Published Date: 2024-02-20
Source: Market Screener
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