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  • COMEX Copper futures stayed supported as traders’ eyed supportive data from China. The metal currently quotes at $2.68 per pound, up 0.79% on the day. Prices are not far from their five month high. MCX Copper also edged up to Rs 460 per kg mark and currently trades at Rs 459.20 per kg, up 0.34% on the day. Chinas central bank said that the countrys economic growth faces challenges from the global coronavirus pandemic despite signs of improvement amid business reopenings.

    The Peoples Bank of China said it would continue to guide lending rates lower by exploiting the full potential of reforms, and would strengthen financial support to small and medium enterprises and private firms.

    In another key economic data for the metal, the profits at China’s big industrial firms rose in May for the first time since the coronavirus outbreak. In May, the profits of industrial firms saw a year-on-year increase of 6 per cent, from a decrease of 4.3% year-on-year in April, data from the National Bureau of Statistics (NBS) released on Sunday showed.

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