US copper futures ended up on Thursday after hitting their highest levels in seven weeks, as investors took their cue from the dollar, which crumbled in the wake of a neutral Federal Reserve policy statement. Copper for July delivery settled up 5.30 cents, or 1.4 percent, at $3.83 a lb on the New York Mercantile Exchange's Comex division.
The session range ran from $3.7780 to $3.8610 - the highest level for the July contract since May 7. Most-active September copper rose 5.20 cents to $3.8250. Copper rallied on the back of a near-three-week low in the dollar versus the euro Thursday after the Federal Reserve held interest rates steady at 2 percent and signalled it was in no hurry to raise them.
Comments
Comments are closed.