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At 16:00 London time on May 11th (00:00 on May 12th, Beijing time), the three-month copper closing did not close, and the final price was $6,360 per ton, which was lower than the final price of Friday. $385.
"China has introduced further stimulus measures on the weekend. This time, the interest rate cuts have been used as a means to basically activate the market. The market transactions are light, lack of buying interest, and prices fluctuate downwards," said Standard Bank.
The People's Bank of China announced on Sunday that it will cut the benchmark deposit and lending rates of financial institutions from May 11, with the one-year lending benchmark interest rate lowered by 0.25 percentage points to 5.1%; the one-year deposit benchmark interest rate will be lowered by 0.25 percentage points to 2.25%. At the same time, the upper limit of the floating range of deposit interest rates of financial institutions was adjusted from 1.3 times of the deposit benchmark interest rate to 1.5 times. This is the third time the central bank has cut interest rates in six months to stimulate a slow-growing economy.
China is the world's number one copper consumer, accounting for more than 40% of global demand. As a result, the country’s economic trends have been closely watched.
Such an act of stimulating the economy should have driven demand for copper and boosted prices. However, despite the support of copper in the European trading hours in the morning, rising by 0.3%, the market optimism quickly disappeared, and copper fell in the late afternoon.
Some market participants interpret the interest rate cut as: necessary, but not enough to bring the Chinese economy back on track and stimulate metal demand.
“The situation there (China) is very weak, they need more stimulation to just keep the status quo, instead of driving the economy to develop faster,†said Robin Bhar, head of metal research at Societe Generale.
Looking ahead to the market, demand in major regions, including China, is weak, or dragging down copper.
Bhar believes that copper prices will return to below $6,000 before the end of the year, and the average price in the fourth quarter will be $5,600.
LME three-month aluminum buying was last reported at $1,876 a tonne, and last Friday's buying was $1,889.
Lead was closed at $2,010 and last Friday's offer was $2,040.
Zinc futures fell from $2,355 on Friday to $2,305.
Leads fell to a three-week low of $2,007, while zinc fell more than 2% to $2,301.50, the lowest since April 30.
Spot zinc fell to about $6 on Friday, compared with three-month zinc premiums, and was reported at $33 earlier last week.
“Some funds bought zinc and lead this morning, but when these buying were exhausted, the market began to sell,†a trader said. “The deal was light, so the trend was amplified.â€
Nickel fell to $14,280 from $14,300 on Friday.
The tin closed at $15,800, down from $15,900 on Friday. Traders said that the tin rose to the 30-day moving average for five consecutive days, but failed to break through, which weakened the market tone.
Abstract The London Metal Exchange (LME) copper futures closed down on Monday, and the impact of the Chinese central bank's interest rate cuts was largely ignored. At 16:00 on May 11th, London time (00:00 on May 12th, Beijing time), the three-month copper closing did not close, and the final price was 6,360 tons per ton...
The London Metal Exchange (LME) copper futures closed down on Monday, and the impact of the Chinese central bank's interest rate cuts was largely ignored.