Shanghai copper up 2 percent on rate cut

Shanghai copper prices rose almost 2 percent yesterday, pulling further away from Monday's four-year low, lifted by hopes for a pick up in demand in the world's top metal consumer after China's biggest cut in interest rates in 11 years.

China slashed interest rates late on Wednesday for the fourth time since mid-September.

The cuts, together with plans by the European Union for a 200 billion euro stimulus package and US President-elect Barack Obama's naming a former Fed chief to his team, lifted hopes that the world could be jolted out of its economic slowdown.