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16-Sep2016

Copper futures end higher on better demand prospect from China

Copper futures ended higher on Thursday amid better demand prospect from China, the world's biggest consumer of industrial metal, following the release of optimistic Chinese data that showed China's bank lending more than doubled in August from the previous month. Encouraging signals out of China's housing market and indications of a revival in its factory sector over the summer have stoked views that demand is quietly cranking up for the third quarter. Copper prices improved further on dollar's weakness against basket of major currencies after lacklustre US economic data, which further reduced already-low expectations for a Federal Reserve interest rate hike next week. Copper also advanced as global stockpiles on the London Metal Exchange, Comex and Shanghai Futures Exchange declined for a third straight day, the longest losing streak since July 26.

Copper futures for December delivery rose 0.2 percent to settle at $2.1595 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange ended up 0.2 percent to $4,781 a metric ton.


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