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Copper Shows Strong Performance

April 30, 2015 at 18:31 by Vladimir Vyun

While precious metals languished during the current trading session, copper managed to show substantial gains. One of the reasons for the rally of the industrial metal was the same as for the energy market — the weak performance of the dollar. The greenback was under pressure after the report that the US economic growth almost ground to a halt.

Another reason for the gains of copper was hopes for monetary stimulus in China. The Asian nation is the world’s biggest user of the metal, accounting for about 40 percent of global consumption. Since November, the People’s Bank of China took several steps to reinvigorate slowing economic growth. Among them were reduction of reserve requirements ratio for banks and cutting interest rates (both measures were performed twice).

July futures for delivery of copper gained 2.77 percent to $2.8765 per pound as of 18:26 GMT on COMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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