Copper prices in Shanghai climbed to their highest in nearly four weeks on hopes of stimulus measures from top metals consumer China and amid a drop in inventory.
China will likely further cut banks' reserve ratio and interest rates in the second half of this year to support the economy, the China Securities Journal reported on Tuesday, citing policy advisors and economists. China's economy rebounded faster than expected in the first quarter but lost momentum at the beginning of the second.
Copper prices came under pressure on Monday from worries about demand, particularly in top consumer China, and a stronger dollar which makes metals priced in the U.S. unit more expensive for holders of other currencies. Benchmark copper prices on the London Metal Exchange were up 0.2% at $8,257 a tonne by 1012 GMT.
Electric vehicle stocks closed the week ending May 19 on a mixed note, with market leader Tesla, Inc. having a strong run amid CEO Elon Musk's first China visit since the COVID-19 pandemic.
China is working on new measures to support the property market after existing policies failed to sustain a rebound in the sector, Bloomberg News reported on Friday, citing people familiar with the matter.
At least 102 Chinese cities faced difficulties in managing their debt-servicing costs last year, reining in China's ability to use fiscal stimulus to spur the economy's post-COVID recovery, according to a report by Rhodium Group.
Argentina's Celeste Saulo was appointed to head the U.N. weather agency on Thursday, a World Meteorological Organization spokesperson said, beating three other candidates, including one from China. The WMO plays a key role in monitoring climate change and helps its 193 member states and territories meet their global commitments in the areas of disaster risk reduction.
* China stocks edge higher, yuan declines. * China's factory activity grows in May - survey. * Turkey's lira steadies from record lows. * South African rand hits record low. By Siddarth S and Amruta Khandekar.
Copper prices advanced on Thursday as a private sector survey showing unexpected factory activity growth in top metals consumer China boosted sentiment and eased worries about weak demand. Three-month copper on the London Metal Exchange rose 1.5% to $8,210 a tonne by 0727 GMT while the most-traded July copper contract on the Shanghai Futures Exchange increased 1.4% to 65,720 yuan a tonne.
China's new home prices fell for the first time in four months in May and home sales slumped, according to a private survey, adding to pressure on a property market which is struggling to stabilize from a sharp slump. New home prices among 100 cities fell 0.01% month-on-month in May from 0.02% growth the previous month, according to survey data from the China Index Academy on Thursday.
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