Buy Copper MCX Tips Apr at 404.50 — 404 Target 406—408
🌟🌟🌟🌟🌟 China cut its benchmark one-year loan prime rate (LPR) by 20 basis points (bps) to 3.85%, while the five-year LPR was cut by 10 bps to 4.65%, in line with market expectations.
The most-traded copper contract on the Shanghai Futures Exchange was up 0.3% at 42,310 yuan ($5,976.66) a tonne, as of 0150 GMT, while benchmark three-month copper on the London Metal Exchange (LME) rose 0.1% to $5,213.50 a tonne.
China’s economy shrank 6.8% in the first quarter from a year earlier, the first contraction since at least 1992 when the government began publishing quarterly records.