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Copper Eases
World Economy

Copper Eases

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.
 

 

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