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MTECHTIPS:- MCX Copper Gains After China PBoCs Efforts To Revive Economy

MTECHTIPS:- MCX Copper Gains After China PBoCs Efforts To Revive Economy

A minor fillip was witnessed in the Copper prices on Wednesday after Chinese central bank took measures to infuse health in the economy. China cut its reserve requirement ratio in order to flow the liquidity in the system. Meanwhile, Chilean copper miner Antofagasta on Tuesday said it would target $160m of cost savings this year after reporting a 49 per cent drop in first-half earnings as prices for the red metal hit their lowest levels since the financial crisis. MCX Copper ended the day at Rs 336.85 on 25 August 2015 against 334.50 per kg on 24 Aug 2015. In China, PBoC cut RRR by 0.5 percentage point for city commercial banks and non-county-level rural commercial banks which, according to the results of evaluation in early 2015, have reached the required ratios in their lending to the agricultural sector, rural areas and farmers as specified by the targeted RRR cuts in June 2014. Secondly, the RRR is cut by 0.5 percentage point for large state-owned commercial banks, joint-stock commercial banks and foreign-funded banks which, according to the results of evaluation in early 2015, have reached the required ratios in lending to the agricultural sector, rural areas and farmers or to the micro and small enterprises as specified by the targeted RRR cuts in June 2014. Thirdly, the RRR was cut by 3 percentage points for finance companies to enhance the capacity of large corporate groups to finance from inside, improve the efficiency of fund turnover, relieve the funding and cost pressures of state-owned enterprises and provide support to the transformation and development of the real economy.

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