Melbourne : London copper climbed off its lowest in three months after the U.S. Federal Reserve signalled a slower pace of rate rises this year, which weighed on the dollar.
"Post the FED rate hike and forward guidance on an additional two hikes, the market found reason to re-assert the bearish USD theme and this in turn has boosted the USD denominated commodities markets," said Marex Spectron in a report.
"The positive short term technical picture across the LME complex combined with the USD weakness should inspire further short covering today with room to run on some of these metals given their positioning."
London Metal Exchange copper traded up 0.4 percent at $6,821.50 a tonne by 0530 GMT, extending a small recovery from the previous session, when prices plumbed a three-month trough at $6702 but finished up half a percent.
In this picture, the PCJCCI logo can be seen on September 1, 2022. — Facebook/Pakistan China Joint Chamber of...
A representational image of a US flag pictured alongside a street sign reading "Wall Street" in the New York city. —...
A security guard sits in front of a wall with signs and slogans at the operation building at the Pakistan Steel Mills ...
A worker cleans the entrance to the headquarters of Bank Indonesia, the nation's central bank, in Jakarta, Indonesia....
The MCB's logo is seen on a wall outside the bank's head office. — MCB websiteKARACHI: MCB Bank Limited on...
A foreign currency dealer counts US dollars at a shop in Karachi. — AFP/FileKARACHI: The rupee lost ground against...
