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Copper edges higher on Chile mine strike, eyes Fed meet
London copper prices moved higher for a second day in early Asian trade on Tuesday as a key mine in Chile halved output due to a strike, while investors waited for news from the U.S. Federal Reserve's interest rate meeting. Lower interest rates tend to push commodity prices higher as they mean lower inventory financing costs, but analysts say the Fed is unlikely to cut rates this week. FUNDAMENTALS * COPPER: Three-month copper on the London Metal Exchange was up 0.1% at $5,850 a tonne as of 0142 GMT, after ending up 0.4% in the previous session. The most-traded August copper contract on the Shanghai Futures Exchange ... (full story)
