Copper Finally Bounces On LME

Copper......

Copper prices finally bounced on Tuesday and settled at $ 6767 per tonne, up $ 90 per tonne. Investor sentiment brightened Tuesday after the People's Bank of China said interbank liquidity risk is largely under control and volatility is temporary. Chinese markets were suffering from liquidity crisis that was softening the metals.
China's money markets have been plagued by a cash shortage in recent weeks, making life tough for corporate borrowers and bringing the closely associated bond market to a virtual standstill. The cash squeeze has added to jitters about economic growth in China, which accounts for around 40% of global demand for copper.
U.S. consumer confidence rose to 81.4 last month, up from 74.3, according to the Conference Board, marking its highest level since January 2008. Economists had only expected a reading of 74.
The S&P/Case-Shiller index also set records for its month-over-month increase, while durable goods orders expanded ahead of expectations. New homes sales, meanwhile, rose to their highest level in nearly five years in May.
MCX Copper settled at Rs 403.45 per kg, up 0.66 percent. The prices tested a high of Rs 406.95 per kg and a low of Rs 393.3 per kg. Meanwhile steel material Nickel settled at Rs 826.6 per kg, up 1.21 percent.
Source by Commodity Insights