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Copper slides on Fed rate worries-18th China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
11/22/2016 Copper exhibition -non-ferrous metals expo |
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London copper futures dropped more than 1 percent on Friday as the dollar soared to a 13-1/2-year high against a basket of currencies after Federal Reserve Chair Janet Yellen signalled US interest rates could rise relatively soon. Three-month copper on the London Metal Exchange was down 1.2 percent at $5,428 a tonne by 0251 GMT. It has fallen 2.2 percent this week, after surging more than 11 percent last week in its biggest such gain since October 2011.
Ms Helen Lau, analyst at Argonaut Securities, said ¡°The previous rally in copper I think was too fast and overdone. Gains in the dollar ahead of the Federal Reserve¡äs policy meeting next month could drag on copper and other dollar-denominated commodities.¡±
The metal has lost 10 percent since hitting a 17-month high above $6,000 on Nov. 11, the peak of a rally as speculators bet on increased US infrastructure spending when Republican Donald Trump takes the helm of the world¡äs top economy.
-18th China(Guangzhou)Int¡¯l
Non-Ferrous
Metal£¨Copper£©Exhibition
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