Copper ticks up as Fed rate hike bets cool
CPER•Copper rose 0.19% to $14,286 a metric ton as cooling expectations for an October Fed rate hike supported demand prospects, outweighing pressure from a stronger dollar.
1. Copper edges higher
Benchmark three-month copper on the London Metal Exchange was up 0.19% at $14,286 a metric ton by 0300 GMT on Monday. Traders priced in an 18% chance of an October Fed rate hike, down from 64% a week earlier, after weaker-than-expected U.S. jobs data.
2. Other metals and drivers
A stronger dollar, which rose 0.53% to a near 17-month high, can weigh on commodities priced in dollars. Copper also benefited as oil prices fell. Aluminium declined 0.19% to $3,091.5 a ton, its lowest in more than three months, while zinc lost 0.44%, lead gained 0.3%, nickel slipped 0.01% and tin added 0.24%.
