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Commodity News |
HeadLine : |
London copper weighed down by Fed rate cut uncertainty; Shanghai copper hits record high |
Date : |
Apr 8 2024 |
London copper prices fell on Monday as the prospect of fewer-than-expected interest rate cuts by the U.S. weighed on investor sentiment, while Shanghai copper climbed to an all-time high. Three-month copper on the London Metal Exchange lost 0.6% to $9,273.50 per metric ton, having gained 5.2% in the previous week. The most-traded May copper contract on the Shanghai Futures Exchange advanced 2.1% to a record high of 75,170 yuan ($10,394.94) per ton, catching up to the gains of London prices after a trading holiday break on Thursday and Friday. Rate cut hopes by the U.S. Federal Reserves and soft a dollar boosted London copper to a 14-month high last Thursday. However, strong jobs data on Friday showed the world's largest economy created more jobs than expected last month, suggesting that the Fed may not be in a rush to cut interest rates in the near term. The dollar was firm but sluggish in Asian trade on Monday as investors looked ahead to U.S. inflation data.
Source: Reuters
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