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| Commodity News |
| HeadLine : |
London copper climbs as dollar weakens after Fed rate cut |
| Date : |
Mar 5 2020 |
London copper prices rose on Wednesday after an emergency rate cut from the US Federal Reserve weakened the dollarNSE 3.68 %, making commodities priced in the greenback cheaper for buyers using other currencies. The Fed cut interest rates by half a percentage point on Tuesday to shield the world's largest economy from the impact of the global coronavirus epidemic, leading to broad-based selling in the US dollar. Three-month copper on the London Metal Exchange (LME) rose as much as 1 per cent to $$5,725.50 a tonne, but eased to $5,713.50 a tonne. Meanwhile, the most-active copper contract on the Shanghai Futures Exchange (ShFE) closed 0.8 per cent lower at 45,090 yuan ($6,500.30) a tonne. The impact of the outbreak in China is still being felt in the world's No. 2 economy, with its services sector posting the worst month on record in February, as new orders plummeted to the weakest since the global financial crisis. The European Central Bank is preparing possible measures to provide liquidity to businesses hit by the economic fallout of the outbreak, sources told Reuters.
Source : Ecomonic Times
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