Copper Climbs Ahead of FOMC Meeting

Copper prices have bounced back from last week’s six-week low as investors wait for the U.S. Federal Reserve meeting scheduled for June 18 and 19. Analysts expect the Federal Open Market Committee to reduce its monthly debt-buying program.

“From a macro perspective, the market focus will be on the upcoming FOMC meeting, where participants will seek clarity on the aggressive monetary easing stance taken in the U.S.,” George Adcock, an analyst at Marex Spectron Group in London, told Bloomberg.

Copper three-month delivery  was up $28.48 to $7,121 a metric ton, Bloomberg reported. On the Comex in New York, copper futures for July delivery increased $0.013 to $3.213 a pound.