Copper prices advanced on Monday as China, the world’s biggest consumer of the red metal, announced rate cuts to cushion the economic fallout of the coronavirus pandemic.
China cut its benchmark one-year loan prime rate (LPR) by 20 basis points (bps) to 3.85%, while the five-year LPR was cut by 10 bps to 4.65%, in line with market expectations.
The most-traded copper contract on the Shanghai Futures Exchange was up 0.3% at 42,310 yuan ($5,976.66) a tonne, as of 0150 GMT, while benchmark three-month copper on the London Metal Exchange (LME) rose 0.1% to $5,213.50 a tonne.
Georgian Mining Corp (LON:GEO) is an AIM listed copper & gold development and exploration company that operates mainly in Georgia on the prolific Tethyan Belt.