Copper futures are pointing up after the biggest user of the metal increased interest rates, Bloomberg reports.
The metal increased in value for the seventh time in eight sessions after China tacked on an extra quarter point on lending and borrowing rates, effective Thursday. The People's Bank of China increase represents the third time this year and the fifth time since October.
"We do not think that Chinese authorities are trying to significantly slow industrial production but rather ensure a more sustained growth path," states a Thursday note to clients from Credit Suisse Group analyst Stefan Graber.
At 9:36 a.m. on Thursday, copper futures climbed 1.44 percent, a .0625 cent increase to $4.3975 per pound.
Despite hosting the globe's most rapidly expanding economy, China saw a sharp decrease in manufacturing, notching its lowest rates since February 2009.
Copper is useful for manufacturing so decreases typically impact the commodity's price.
The Associated Press reports the European Central Bank is preparing to follow suit and raise rates, and expectations point to a similar .25 percent point increase for borrowing and lending.
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