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Business

October 13, 2017

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Copper higher

Copper higher

Sydney/Melbourne: London copper inched to its highest in more than a month on Thursday, underpinned by steady demand and a weaker dollar after the Federal Reserve showed a guarded view towards inflation.

Following the release of the Fed´s last policy meeting, the dollar index slipped to a two-week low. A weaker dollar makes commodities, priced in dollars, more affordable for buyers paying with other currencies.

The International Monetary Fund this week underlined a rosier outlook for industrial metals use when it said a broad-based global economic upswing will likely be sustained this year and next.

London Metal Exchange copper was little changed at $6,803 a tonne by 0223 GMT, holding modest gains from the previous session. Copper prices earlier hit $6,824 a tonne, the highest since Sept. 8. Prices are edging towards a three-year peak of $6,970 a tonne hit on Sept. 5.

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