On the copper prices impact statements of the head of the U.S. Federal reserve about the likelihood of a base rate increase in December.
MOSCOW, 6 Nov. Copper prices on Friday grow weak after falling on Thursday to month lows against the background of statements of head FRS the USA about the likelihood of a base rate increase in December, according to AFP.
As at 08.24 GMT December futures for copper on the Comex rose in price on 0,38% — to 2,26 per pound (about 0.45 kilograms).
At the end of trading Thursday the price of a ton of copper on the London metal exchange (LME) for delivery in three months fell 2.4% to $ 5011 per ton. The price of a ton of aluminum rose 0.2% to $ 1507, zinc — fell by 1.07% to $ 1664.
On Wednesday, US Federal reserve Chairman Janet Yellen stated that interest rate hike in December is likely. She noted that the U.S. economy is now “working well”, domestic revenues are steadily increasing.
Investors were also disappointed by data from Germany on industrial orders in September declined by 1% yoy and 1.7% in the month, while analysts predicted growth of 1.8% and 1% respectively.