China Gives Boost to Metals and Mining Stocks (XME)

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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.

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