Copper futures end higher after China unveils interest rate reforms

Copper futures ended higher after the world’s top metals consumer China unveiled interest rate reforms that could boost its economy. China's central bank said it will improve the mechanism used to establish the loan prime rate (LPR) from this month, in a move to further lower real interest rates for companies as part of broader market reforms. This move also fuelled hopes of interest rate cuts, adding support to metal prices.

Copper futures for September delivery gained $0.0065 to settle at $2.6015 a pound, on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange ended up 0.5 percent at $5,774 a ton.

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