2014.03.1706:06:41UTC+00Copper, near 2010 low as China doubles trading limits

Copper in London traded close to 44-month low as China doubled the yuan’s trading range against the US dollar.

The metal for delivery in three months was slightly changed at $6,466.75 per metric ton at 10:39 a.m. in Hong Kong following it rose 0.3% and dived 0.4%. The contract ended at $6,415 on March 13, the lowest point since July 2010.

Starting today, Chinese yuan was allowed to trade as much as 2% on either side of the government’s reference rate, previously 1%, the People’s Bank of China said in a statement on March 15. Copper plunged 4.6% last week on worries the slowing Chinese economy would decrease demand for the metal.

In New York, the Comex copper futures contract to be delivered in May was somewhat changed at $2.9495 per pound, while in Shanghai the contract for June advanced 0.7% to 44,580 yuan (or $7,239) per ton.

On the LME, aluminum and zinc were slimly changed while tin, nickel, and lead ascended.