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The most-traded February copper contract on the SHFE stood at 54,470 yuan ($8,393) per tonne as of 02:50am Shanghai time, down by 390 yuan from Friday’s close.
Researchers at the PBoC have agreed that higher interest rates may be appropriate in the near future due to improvements in industrial prices and enterprise profitability, according to Chinese state media.
“There is room for an increase in interest rates in the short term as industrial product prices and enterprises’ profitability have improved since last year,” according to Ji Min, deputy head of the central bank’s research bureau.
Top researchers at the bank noted that higher rates would “help to squeeze asset bubbles and restrain debt expansion, as a tool to be used with broader oversight of financial activities.”
Base metals prices came under downward pressure following the news, which stoked concerns of tightened liquidity and increased credit costs among market participants.
Base metals prices weaken
Currency moves and data releases