Futures Market News
Copper futures, Chilean peso rise as Chinese demand metal
Sep 25, 2012 02:21 PM
Both copper futures and the Chilean peso increased in value on Tuesday, according to published reports.
As Chile's top export, the reddish metal helped the peso climb from its lowest price since September 7, Reuters reports. China, the globe's largest consumer of the reddish metal, is increasingly demanding it, which also enhanced the base metal's price, The Wall Street Journal reports. China accounts for about 40 percent of the globe's consumption of the reddish metal.
The central bank of China boosted liquidity Tuesday with a record injection of 290 billion yuan as part of an effort to alleviate a liquidity pinch.
"The move is intended to address an expected liquidity squeeze ahead of the next week's holiday," states a report penned by analyst Marc Ground with Standard Bank, according to The Wall Street Journal. "Consequently, we feel that the boost to commodity prices should prove temporary, as this is not a measure of outright monetary stimulus motivated by the apparent weakness in the economy."
At 2:32 p.m. on Tuesday, copper futures increased 0.47 percent, a 0.0175 cent lift to $3.749 per pound.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Free eBook — Gold Exposed: Spot Gold versus Gold Futures
Are you interested in trading gold futures but unsure of how to start?
Register for our FREE guide, and learn the ins and outs of the gold markets that will help answer many of your trading questions.
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.