Copper price rose on Wednesday as investors saw comments by Federal Reserve Chair Jerome Powell as less hawkish.
Copper for delivery in March rose on the Comex market in New York, touching $4.11 per pound ($9,042 per tonne), up 0.7% compared to Tuesday’s closing.
[Click here for an interactive chart of copper prices]
The most-traded March copper contract on the Shanghai Futures Exchange gained 0.6% at 68,430 yuan ($10,095.75) a tonne.
The dollar eased on Wednesday after Powell failed to offer fresh signs of a hawkish push-back against a resilient labor market in the United States, leading investors to bet that interest rates may not rise much further.
Several supply-side issues, including First Quantum Minerals suspending loading operations at a major Panama port, also contributed to the mood.
Supply-side issues, including First Quantum Minerals’ suspension of loading operations at a major port in Panama, also aided the sentiment.
“This might support spot prices, but its actual impact on supply tightness remains to be seen as several smelters will start maintenance in March,” a Chinese copper smelter said.
Chile saw exports of copper reach $2.98 billion in January, down 21.6% from a year earlier, the central bank said on Tuesday.
Glencore’s Antapaccay copper mine in Peru has resumed normal operations after closing for 11 days due to attacks by protesters in the South American nation.
(With files from Reuters)
Energy News Beat