According to trading, the December copper futures on the Comex rose in price up to 2,37 per pound on the traders expectations save the monetary policy of the fed at the current level.
MOSCOW, 27 Jan. Copper prices on Tuesday are rising because traders expect the US Federal reserve’s preservation monetary policy at the current level, according to AFP.
As at 19.26 Moscow time, December copper futures on the Comex rose in price by 0.53% to 2,37 per pound (about 0.45 kilograms).
At the end of trading Monday the price of a ton of copper on the London metal exchange (LME) for delivery in three months rose by 0.29% to 5191 dollars per ton. The price of a ton of aluminum decreased by 1.14% to 1479 dollars, zinc — on 0,85%, to $ 1740.
The next fed meeting takes place on October 27-28. Analysts believe that the regulator will keep the base rate at its lowest level and will postpone the tightening of monetary policy in 2016. This leads to the depreciation of the U.S. currency and increased the cost of copper.
“Interest rates in the United States and their relationship to the dollar will move prices up in the short term,” said Reuters analyst Asa Bridle Cantor Fitzgerald (Cantor Fitzgerald).