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Copper lifted by rate cut hopes, Chile supply worries
Copper prices edged higher on Wednesday, supported by hopes for U.S. rate cuts and persistent supply concerns following the suspension of a mine in top producer Chile. Three-month copper on the London Metal Exchange was up 0.4% at $9,677 per metric ton by 0930 GMT after slipping by 0.6% in the previous session. “A weaker dollar as Fed rate cuts bets intensify is buoying metals this morning,” said Ewa Manthey, commodities strategist at ING. Following weak U.S. jobs data on Friday, traders are pricing in an 86.5% chance of a Fed rate cut in September, with about 56 basis points worth of easing expected by year-end. ... (full story)
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