Industrial metals rose, led by copper, as the dollar held a three-day decline on signs the U.S. Federal Reserve will hold back increasing interest rates, bolstering demand for commodities priced in the currency.
All metals on the London Metal Exchange advanced, with copper climbing as much as 0.8 percent. The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major currencies, was little changed after dropping 1.5 percent in the previous three days. Minutes from the Fed’s Sept. 16-17 meeting released yesterday showed policy makers decided to maintain a pledge to keep interest rates low for a “considerable time” amid risks to the U.S. economic outlook.
“Copper’s held up pretty well in the face of everything,” Daniel Hynes, a commodity strategist at Australia and New Zealand Banking Group Ltd., said by phone in Sydney. “Maybe a slightly weaker U.S. dollar might push it a little bit higher from here.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015