TECK - Copper base metals jump after China cuts key lending rate

Freeport McMoRan (NYSE:FCX) +2.1% pre-market on Friday as copper prices extend recent gains on optimism after top metals consumer China cut a key interest rate for long-term loans, and Shanghai authorities prepare to lift some COVID-19 lockdowns, Reuters reports. London Metal Exchange benchmark copper (HG1:COM) recently rose 0.8% to $9,490/metric ton, its highest since May 6, capping a 3.3% gain for the contract so far this week. Other metals equities are indicated higher, including (AA) +2.5%, (RIO) +2.5%, (BHP) +1.8%, (VALE) +2.9%, (TECK) +2.6%, (X) +2.2%, (CLF) +1.8%, (NUE) +1.7%, (MT) +3.2%. ETFs: (COPX), (CPER), (JJC), (JJCTF), (JJU) China cut its benchmark reference rate for mortgages by an unexpectedly wide margin, seeking to revive the ailing housing sector to prop up the economy. "Previously the supportive measures for the property market were very targeted, but this is a more visible and widespread supportive signal," said Xiao Fu, head of commodity

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Copper, base metals jump after China cuts key lending rate