London copper edged down on Monday as the dollar firmed ahead of this week’s key interest rate decision by the US Federal Reserve, but prices stayed near two-week highs as better than expected Chinese economic data soothed demand concerns, Reuters reported. Given the high concentration of short holders in metals markets, prices were susceptible to a covering-fueled rally as traders cut risk ahead of the Fed rate decision this week, said analyst Dan Morgan at UBS in Sydney. Three-month copper on the London Metal Exchange had slipped 0.2% to $4,693 a ton, eroding 2.5% gains from the previous session when it struck its highest since late November at $4,736.50.
