Fed Speculation Bumps Copper to $7,217 a tonne in London

Like other metals, copper prices were boosted thanks to speculation the U.S. Federal Reserve would decide this week to continue its stimulus program.

On the London Metal Exchange, three-month copper prices rose $28.87 to $7,217 a tonne, Bloomberg reported. Copper futures on the Comex in New York were also up today by $0.01 to hit $3.28 a pound.

Analysts expect the Fed will wait until March 2014 to ease its $85 billion-a-month bond-buying program. The Fed begins a two-day meeting tomorrow.

“Views are hardening quite clearly to the idea that tapering is a long way off now,” BNP Paribas analyst Stephen Briggs told Reuters.