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BEIJING, Aug 22 (Reuters) – Most base metals opened higher on Monday, as China cut some key lending rates in an effort to support a slowing economy and a stressed housing sector, raising hopes of a demand recovery in the world’s top metal producer and consumer.
Three-month copper on the London Metal Exchange CMCU3 edged up 0.1% to $8,085 a tonne by 0207 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange SCFcv1 rose 1.3% to 63,050 yuan ($9,236.07) a tonne.
China cut its benchmark lending rate and lowered the mortgage reference by a bigger margin, adding to last week’s easing measures, as Beijing boosts efforts to revive an economy hobbled by a property crisis and a resurgence of COVID cases.
The one-year loan prime rate (LPR) CNYLPR1Y=CFXS was lowered by 5 basis points to 3.65% at the central bank’s monthly fixing, while the five-year LPR CNYLPR5Y=CFXS was slashed by a bigger margin of 15 basis points to 4.30%.
LME aluminium CMAL3 climbed 0.3% to $2,394 a tonne, lead CMPB3 rose 0.7% to $2,057 a tonne and tin CMSN3 gained 0.2% to $24,850 a tonne, while zinc CMZN3 held steady at $3,488 a tonne.
ShFE nickel SNIc1 jumped 4.1% to 177,720 yuan a tonne, tin SSNcv1 climbed 2.5% to 201,870 yuan a tonne, zinc SZNc1 gained 1% to 25,095 yuan a tonne, and lead SPBcv1 was up 0.5% at 15,055 yuan a tonne.
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($1 = 6.8265 yuan)
(Reporting by Siyi Liu and Dominique Patton; Editing by Subhranshu Sahu)
((Siyi.Liu@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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