Australia's central bank expects the mining industry to wind down from its high in about a year's time, and companies such as BHP Billiton have already postponed major copper project investments. But with supplies expected to tighten further, rival Rio Tinto is prepared to continue forging ahead with developing one of the world's biggest copper mines. Who's right?
Articles Tagged "central banks"
CNBC reported that New York copper futures are down from last week due to uncertainty about whether central banks will provide stimulus. Friday's speech from Federal Reserve Chairman Ben Bernanke may provide some clarity.
Bloomberg reported that hesitance from investors waiting on signs that central banks will act to bolster the economy caused copper to drop for the first time in four sessions.
Expectations of continued easy monetary policy in the United States, and hopes for the European Central Bank to step in to prop up the sluggish economy, are bolstering copper demand worldwide.
By Leia Michele Toovey- Exclusive to Copper Investing News It has been a volatile week for copper prices. On Wednesday, copper tumbled to its lowest price since March 2006 over concern of a global recession. Three-month copper on the London Metal Exchange (LME) closed at US$5,240 per tonne. Later on Wednesday, the U.S. Federal Reserve, European [...]
Investors buying low jumped US copper futures by 3%. Copper was also supported by a weakening US dollar and the rise of the euro. Copper for December delivery HGZ8 was trading up 3.80 cents, or 1.6 percent, at $2.3930 a lb by 10:29 a.m. EDT (1429 GMT) on the New York Mercantile Exchange’s COMEX division. [...]
WIth central banks cutting interest rates globally copper has narrowed its losses after having fallen more than seven percent with financial crisis concerns. The U.S. Federal Open Market Committee, the policy-setting arm of the U.S. Federal Reserve, cut benchmark lending rates by half a percentage point to 1.5 percent in an action coordinated with other central banks. [...]
US copper futures rose from a 9-month low to trading at close to $3.00 per pound. The move was supported by global central banks strengthening world stocks with an influx of money into money markets. Six of the world’s top central banks announced a series of measures to pump more than $180 billion in extra [...]