The People’s Bank of China told financial executives last week that it plans to extend as much as 200 billion CNY ($32.8 billion) in short-term loans to 20 large banks, with the goal of spurring lending activity and boosting growth. The Wall Street Journal reported the move comes on the heels of a cut to short-term borrowing rates for Chinese banks on Oct. 14, the second such reduction in less than a month.
The Japanese copper cash price saw the biggest decline of the day, dropping 3.7% to close at JPY 738,000 ($6,778) per metric ton on Friday, October 17. The price of US copper producer grade 110 declined 0.8% to $3.68 per pound. The price of US copper producer grade 122 saw a 0.8% decline to $3.68 per pound. The price of US copper producer grade 102 weakened by 0.8%, settling at $3.87 per pound.
Chinese copper closed mixed last Friday. Chinese copper bar prices saw a 1.2% decline to CNY 48,600 ($7,913) per metric ton. The Chinese copper cash price fell 1.2% to CNY 48,800 ($7,946) per metric ton. For the fifth consecutive day, the price of Chinese copper wire held flat at CNY 50,395 ($8,205) per metric ton. The price of Chinese bright copper scrap continues hovering around CNY 44,300 ($7,213) per metric ton for the fifth day in a row.
The copper 3-month price saw a 2.4% decline on the LME to $6,580 per metric ton. Also on the LME, the cash price of primary copper declined 2.2% to $6,629 per metric ton.