Copper prices rose on Tuesday as a major Chinese property firm was able to extend its debt payments, relieving pressure in a the sector that accounts for a large share of metals demand.
Country Garden the largest private property developer in top copper consumer China, won an approval from its creditors to extend repayments on six onshore bonds by three years, two sources familiar with the matter said, sending its shares up as much as 10 percent .
Three-month copper on the London Metal Exchange rose 0.1 percent to $8,414 per metric ton, while the most-traded October copper contract on the Shanghai Futures Exchange climbed 1 percent to 69,360 yuan ($9,517.80) per ton.
Copper and other metals prices have been weighed down by debt issue in the vast Chinese property sector, and Chinese authorities have been releasing measures to boost activities in real estate in an effort to revive its economic growth.
A weaker dollar, stronger yuan and better-than-expected Chinese loans data also helped with metals, making greenback-priced metals cheaper to holders of other currencies.
LME aluminum rose 0.2 percent to $2,209.50 a ton, zinc advanced 0.2 percent to $2,514.50, nickel fell 0.3 percent to $20,430, lead declined 0.5 percent to $2,238.50, tin eased 0.1 percent to $25,790. – Reuters
