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Copper heads lower ahead of Fed meeting, as inventories build
Copper prices extended losses on Tuesday on concern ahead of a U.S. Federal Reserve meeting that prolonged high interest rates will dampen metals demand and as inventories pile up. Three-month copper on the London Metal Exchange was down 1% at $8,278 per metric ton by 1000 GMT, after a 0.6% decline in the previous session. While the U.S. Fed is not expected to raise rates on Wednesday, the prospect of holding them at high levels to crush inflation has caused uncertainty in financial markets. “We’re expecting higher rates for longer because the strength of economic data is largely supportive and while inflation is ... (full story)