Today, the price of 1 kg copper in India has settled up by 0.5% at ₹840.65. This increase is largely attributed to China’s introduction of several easing measures aimed at bolstering its economy.
The People’s Bank of China announced a 50-basis-point cut to the reserve requirement ratio before the year-end and plans to reduce key lending rates, including the seven-day repo rate and loan prime rates.
In addition to these measures, copper inventories monitored by the Shanghai Futures Exchange have fallen by 11.1%. Indicating a tightening supply situation.
Despite being 50% higher than the same month last year. Production figures reveal a marginal year-on-year increase of 0.9%, reaching 1.12 million metric tons in August.
The global copper market is currently experiencing a surplus, with the International Copper Study Group (ICSG) reporting a 95,000 metric ton surplus in June, an increase from 63,000 metric tons in May.
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