ASIAN PRICE WRAP: Copper falls after PBoC denies mortgage policy change rumour

Copper prices lost ground on Monday March 30, as the Chinese central bank denied rumours that it is considering a further easing of mortgage policies.

SHFE June copper prices lost 40 yuan ($6.52), or nearly 0.09%, from their starting prices to close at 43,830 yuan per tonne, having traded between 43,410 and 43,950 yuan. The red metal rose in the Asian morning but retreated in the afternoon. “There was talk that there would be a press conference by the Chinese central bank at 15:00 Beijing time on Monday. The bank was expected to release a new estate policy, in which it would lower downpayment requirements for second homes to 50% from the previous 70%. The rumour emerged at noon on Monday, cheering up the estate market and boosting the Shanghai Composite Index to 3,786.57, up 2.59%. It also boosted LME copper prices to 6,089 dollar per tonne,” Zhu Wenjun,...

Published

Ellie Wang

March 30, 2015

10:24 GMT

Shanghai