18 Jan 2016
Copper tracks Yuan and Oil higher
FXStreet (Mumbai) - Copper prices on the Comex advanced after the PBOC supported the Yuan and the oil prices witnessed a technical recovery in Europe.
Comex Copper currently trades 1% higher at USD 1.964/pound. Prices hit a high of USD 1.973. As per Reuters report, central bank on Monday confirmed it was preparing to raise the reserve requirement ratio next week for Yuan deposits placed in Yuan clearing banks from zero to the normal level.
Meanwhile, oil prices also recovered from the 13-year low. Metal prices usually track oil, since it affects the cost of production of the base metals.
Copper received some support from rising home prices in China in December.
Comex Copper currently trades 1% higher at USD 1.964/pound. Prices hit a high of USD 1.973. As per Reuters report, central bank on Monday confirmed it was preparing to raise the reserve requirement ratio next week for Yuan deposits placed in Yuan clearing banks from zero to the normal level.
Meanwhile, oil prices also recovered from the 13-year low. Metal prices usually track oil, since it affects the cost of production of the base metals.
Copper received some support from rising home prices in China in December.