LME Copper rises after PBOC cash injection

LONDON (Scrap Monster): LME cpper prices continued to rose edge up in early Asian trading on Wednesday after China’s central bank eased liquidity. China's central bank injected a record amount of money into the financial system in its Tuesday open market operation through a reverse repo deal.

As of 02:03 London time, three-month copper stood at $7,769.25 per tonne on the London Metal Exchange, up $30.25 from its opening price. The contract traded in a tight range of $67, reaching $7,778 at the high end of the range and $7,711 per tonne at the low end.

Copper for December delivery advanced 1.2 percent to $3.547 a pound on the Comex division of the New York Mercantile Exchange. Comex floor trading will take place today for the first time since Oct. 26, according to the website of CME Group Inc., which owns the exchange. The floor was shut for this week’s first two days because of Atlantic superstorm Sandy.