Copper Rises to $7,283 a Tonne Prior to Fed Announcement

Copper prices hit their highest level in a week due to optimism that the Federal Reserve will decide today to avoid tapering stimulus until the economy shows more signs of recovery. Shrinking copper stockpiles also helped boost the metal’s price today.

Benchmark copper prices on the London Metal Exchange rose to $7,283 per tonne, up $83 from the previous session, Reuters reported. Copper futures for December delivery also rose, increasing by $0.04 to reach $3.32 a pound, The Wall Street Journal reported.