Industrial metals including copper and zinc rose after Chinese banks cut their benchmark lending rates, part of a push by Beijing to ensure the nation’s economy meets growth targets for this year.The reductions in two key rates were larger than economists had expected, and they followed the central bank cutting its key policy rate in September.
Industrial commodities have had a volatile few weeks as investors reacted to a flurry of Chinese government announcements on steps to aid the economy and help it reach the 5% growth target for this year. Copper rose 0.8% to $9,700.50 a ton by 11:57 a.m. local time on the London Metal Exchange, while zinc climbed 1% and aluminum added 0.3%.
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