Copper Rises to $6,755 per Tonne Ahead of US Fed Meeting

Copper for delivery in three months on the London Metal Exchange rose 0.1 percent or $6.75 to trade at $6,755 per tonne on Tuesday, according to Bloomberg. Investors are waiting for information from the U.S. Federal Reserve meeting that will take place today and tomorrow before taking any drastic action.

“Another $10 billion tapering announcement could be bullish for the dollar, but bearish for copper,” Naeem Aslam, chief market analyst at Ava Capital Markets Ltd. in Dublin, told Bloomberg. “The Fed are only tapering because they believe the economy is becoming stronger, and this is a positive influence for copper in the long run.”

Copper for delivery in July on New York’s Comex fell 0.2 percent or $0.006 to trade at $3.0875 a pound.