Industrial metals climbed for a second day after a report that China’s central bank intensified stimulus measures to support growth, boosting demand prospects in the biggest consumer.
Nickel in London climbed as much as 1.5 percent, the most since Sept. 8, and copper gained as much as 1 percent. The People’s Bank of China started providing the nation’s five biggest banks with 100 billion yuan ($16 billion) each through standing lending-facilities, Sina.com said yesterday. The PBOC will complete the process today, it said. China’s factory output grew at the weakest pace since the global financial crisis and retail sales growth moderated, government data showed Sept. 13.
“The report from China lifted sentiment in the market, easing concern that China’s economy is slowing,” said Tetsu Emori, a fund manager at Astmax Asset Management Inc. in Tokyo. “If copper closes above $7,000 in coming days, we may see more support coming in.”