Copper prices increased today following news that the Chinese government will make its currency more flexible and market driven.
Articles Tagged "federal reserve"
Copper prices hit their highest level in a week due to optimism that the Federal Reserve will decide today to avoid tapering stimulus until the economy shows more signs of recovery.
Copper prices continued to decline September 24. In London, copper futures fell to $7,172.85 a tonne, down $71.73 from the previous session.
Concerns about the future of the Federal Reserve's stimulus program caused copper to fall today.
Reuters reported that after rising to its highest price in almost a month earlier today, benchmark copper on the London Metal Exchange (LME) edged lower, trading at $7,280 per tonne.
Copper prices rose today ahead of the Federal Reserve's announcement regarding its stimulus program.
Bloomberg reported that copper is heading towards the biggest two-day rally since May after the Federal Reserve announced that it will be carrying on with its stimulus plans. Also, unexpected expansion in China has helped stoked the fire under copper prices. Copper for September was p 2.1 percent to $3.185 a pound in New York, in early morning trading.
Unlike gold and silver, copper prices fell today following the announcement about the U.S. central bank's stimulus program from Federal Reserve Chairman Ben Bernanke.
As investors wait for further indications from the Federal Reserve as to if it will be curbing its stimulus plan, copper made some gains in London.
Copper hit a seven-week low on Thursday after the Fed announced it will be cutting back its bond-buying program and preliminary data from China showed a greater risk of slowdown from copper's number-one consumer.