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Copper slips on Friday on upcoming Fed decision-The 17th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
9/14/2015 Metal & Metallurgy expo |
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Bloomberg reported that Copper fell on Friday, halting the metal’s longest rally since June, amid concern that US policy makers will raise interest rates, which could spur gains for the dollar and cut the appeal of commodities as alternative assets. Copper for delivery in three months sank 0.5 percent to settle at $5,370 a metric ton ($2.43 a pound) on the London Metal Exchange.
Copper prices have fallen 15 percent this year amid concerns that slower growth in emerging markets will reduce demand. Tighter US monetary policy could further damp consumption as foreign currencies weaken and make the metal more expensive for overseas buyers. The Federal Open Market Committee may decide to raise interest rates at its Sept 16-17 meeting, the first such increase since 2008.
Tim Evans, the chief market strategist at Long Leaf Trading Group Inc. in Chicago, said in a telephone interview said “The market is nervous about what impact the Fed meeting will have, It’s a classic risk off environment. If you have to buy or sell something and you’re uncertain, you’re going to sell it. It takes confidence to buy.”
38 of 78 economists surveyed by Bloomberg predict the central bank will tighten monetary policy when officials gather next week. The benchmark rate has been close to zero for seven years to support the economy. 金屬展-冶金展-2016廣州金屬暨冶金工業展覽會-亞洲最大金屬冶金展-巨浪展覽
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17th China(Guangzhou)Int’l Metal &Metallurgy Exhibition |
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