Copper Prices Rise as China’s Demand for Metal Increases
China, the world’s largest consumer has reached its highest levels of metal imports since March 2012, paving the path for a third positive session in which Copper prices rose to the surprise of market analysts.
According to leading analysts, although China’s up scaled imports come as a surprise, they are warmly greeted. Experts also add that despite the current demand for copper imports in China, traders are eyeing to leverage on firm premiums at Shanghai’s warehouses due to future orders to remove the metal from them.
U.K. Manufacturers Advocates Against EU Membership Withdrawal
Following a survey of its members, EEF chief executive, Terry Scuoler, wrote an email to Britain’s main political parties urging them to keep the UK in the EU.
In his email Scuoler writes: “Britain must not gamble on its future in Europe, the stakes are enormous. It is naive to think we can simply pull up the drawbridge and carry on as normal. The debate must move on to how we can make Europe work to support jobs, growth and higher living standards”. Unquestionably, the EEF’s survey found that the benefits of keeping U.K. in the EU overshadow any alternative outcome, wherein the U.K. withdraw its membership from the Euro zone.
The survey alludes to Britain’s Prime Minister David Cameron promises to hold referendum on EU membership at the end of 2017, in the event that a Conservative government gets elected. However, as the Independence party in the U.K., which favors withdrawal from the EU, continues its growth, EEF members, representing approximately six thousand manufacturing businesses in the U.K., were inclined to take action and publish the survey’s results.
Minutes from Aussie Monetary Policy to be Released Today
The Reserve Bank of Australia (RBA) is set to release a detailed report consisting of all major influencers on the countries future interest rates today at 20:30.
Since December 2007, when the minutes of the monetary policy meeting were first released, the Reserve Bank Board has consistently delivered the minutes two weeks after the meeting. In light of past released minutes, experts note that if the results of the meeting will be more hawkish than expected, the AUD currency will strengthen.