Copper Falls After Hawkish Fedspeak as Record Rally Loses Steam [BNN Bloomberg (Canada)]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: BNN Bloomberg
The metal, sometimes seen as a barometer of the global economy, pared gains made Wednesday after the central bank's policymakers penciled in just one interest-rate cut this year, down from three expected in March. The hawkish signal came amid investor concerns that copper's rally to a record last month ran ahead of market fundamentals. The metal has fallen more than 10% from that high due to worries about a steady increase in global inventories, profit-taking by investment funds and weak Chinese demand. The Fed's hawkish comments triggered the price decline on Thursday, said Wang Yue, an analyst with Shanghai East Asia Futures Co. Copper was down 1.2% at $9,829 a ton on the London Metal Exchange as of 11:36 a.m. in Shanghai. Aluminum lost 1.7%, while zinc and tin fell more than 1%. ©2024 Bloomberg L.P. Top Picks Top Stories National Bank deal at 'hefty premium' to test investor patience Corus shares may be worthless after Rogers television raid, TD says Bank of Cana
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