Azernews.Az

The central bank refrained today from conducting operations to reduce cash in the financial system for the first time since July, following last week’s move to cut benchmark interest rates for the first time since 2012. Copper also gained after data showed the jobless rate fell to a record in Germany, the third- largest user of the metal.

“German unemployment data was certainly encouraging,” Naeem Aslam, chief market analyst at Ava Capital Markets Ltd. in Dublin, said by e-mail. “History shows that increasing balance sheets does have a positive impact on the economy, and this could result in higher demand” for copper, he said.

Copper for delivery in three months advanced 0.2 percent to $6,584 a metric ton at 10:20 a.m. on the London Metal Exchange. Futures for delivery in March rose 0.2 percent to $2.9625 a pound on the Comex in New York, where floor trading is closed today for the Thanksgiving Day holiday.

“Liquidity will be thin with the U.S. out,” RBC Capital Markets Ltd. said in a note.

Today’s OPEC meeting in Vienna is “the main event of the day,” Ava’s Aslam said. Brent and West Texas Intermediate crudes fell to the lowest in more than four years amid speculation that the group will refrain from cutting production limits at the meeting.

Copper stockpiles monitored by the LME fell 0.1 percent to 161,950 tons, daily data showed. Orders to remove the metal from warehouses dropped 4.5 percent to 23,000 tons.

Tin, nickel, aluminum, lead and zinc climbed in London.