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Positive economic data from top copper consumer China pushed prices of the metal up slightly on September 10.
Positive economic data from top copper consumer China pushed prices of the metal up slightly September 10. Yet, investors remain cautious regarding the Federal Reserve’s next move with its stimulus program, Reuters reported.
Three-month copper prices on the London Metal Exchange hit $7,205 a tonne, up $9 from the previous session.
In New York, copper futures for December delivery rose $0.01 to $3.28 a pound, MarketWatch reported.
“We had decent industrial production data from China today and trade data this week but the market is turning its attention to the Fed meeting later this month,” VTB Capital analyst Andrey Kryuchenkov told Reuters. “There is uncertainty over what the Fed will do. It is likely they will gradually reduce the stimulus and that would be negative for metals.”
