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MTECHTIPS:-Copper Recovers From Six Year Lows On PBoC Call

MTECHTIPS:-Copper Recovers From Six Year Lows On PBoC Call

The reassurance of not devaluing the currency further put Copper on the driving seat on Thursday. People’s Bank of China reassured markets that it will not continuously devalue the yuan. Copper ended the day at Rs 339.75 on 13 August 2015 against 338.30 per kg on 12 Aug 2015. PBoC mentioned that there was no basis for further depreciation in the yuan, easing concerns over a full blown currency war that could destabilize the global economy. China allowed the yuan to fall sharply this week to hit the lowest level since October 2012. The steep decline stoked concerns that China may allow the yuan to continue to depreciate, fueling fears over a currency war, as Beijing aims to make the nation’s ailing exports more competitive on the global stage. Data released Wednesday showed that China’s industrial production increased at an annual rate of 6.0% in July, disappointing expectations for a 6.6% gain. Figures released over the weekend showed that Chinese exports dropped 8.3% in July, their biggest fall in four months, while producers prices fell to a six-year low.

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