Fed Continues With Stimulus, Copper Climbs

Bloomberg reported that copper is heading towards the biggest two-day rally since May after the Federal Reserve announced that it will be carrying on with its stimulus plans. Also, unexpected expansion in China has helped stoked the fire under copper prices. Copper for September was p 2.1 percent to $3.185 a pound in New York, in early morning trading.

Michael Turek at Newedge Group SA in New York commented:

Short-covering accelerated as the Fed suggested that the U.S. economy is not yet ready to walk, much less run, without the crutch of stimulus. Last night’s Chinese manufacturing data improved, too.

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