China Gives Boost to Metals and Mining Stocks (XME)

Metals and mining stocks are moving higher for a second day after officials in China cut benchmark interest rates by 25 basis points for the first time since 2008. As a result, aluminum company Alcoa (NYSE: AA) is higher by over 2 percent. Other companies in this space are also higher, with United States Steel Corp. (NYSE: X) and AK Steel Holding (NYSE: AKS) gaining 4 and 3.15 percent respectively, as lower rates and improved growth in Asia could increased demand for metals.

Commercial Metals Co. (NYSE: CMC) is also up on the news, gaining 4.7 percent intra-day, as well as Cliffs Natural (NYSE: CLF), which is up 3.1 percent. SPDR S&P Metals & Mining ETF (NYSE: XME) is up percent in early trading, and copper futures and the copper ETN (NYSE: JJC) moved higher.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Texas Stock Exchange wins first primary listings with TCBI’s ETFs
• Morgan Stanley Upgrades Honeywell Aerospace Inc (HONA) to Overweight
• L3Harris CEO steps down amid conduct review, shares drop