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Copper is trading at 304 cents per pound, now in demand on the back of the People’s Bank of China’s decision to lower the amount of capital that state-owned banks are required to hold in relation to their loan book, by cutting the RRR by 50 bps to encourage lending and business activity. This comes after a period soft economic growth, leaving the government keen to ramp up borrowing and, in turn, spending.
Copper has lost 2.5% since the start of the month, after the metal bounced off the 300 cents per pound mark. This move by the PBoC could boost global demand for the red metal, as it is widely known that China is the largest importer of copper in the world. Copper could even target the recent high of 307 cents per pound.