Copper climbed for the first time in three days before Chinese trade data and after minutes from the Federal Reserve eased concern over the timeline for higher U.S. interest rates.
Copper declined for the first time in five days on speculation that demand will slow as the U.S. Federal Reserve officials boosted their forecasts for key interest rates and China’s growth faltered.
Copper dropped from a two-week high amid concern that economic growth is slowing and default risks are rising in the biggest-user China at a time when global supplies are increasing.
Nickel climbed the most in two weeks and headed toward a bull market as an export ban by Indonesia and the risk of sanctions against Russia raised concern that supplies will be crimped.
Copper declined for the first time in eight days as investors await the outcome of the U.S. Federal Reserve’s two-day meeting starting today amid speculation that the central bank will cut stimulus.
Rubber climbed to near a record on speculation that a price slump yesterday may lure buyers amid lingering worries over tight supply. The cash price remained at an all-time high.
Copper dropped, paring the first quarterly gain in a year, on slowing demand in China before next week’s holidays and on concern that U.S. budget negotiations are stalling.
Copper fell for a ninth day, the longest losing streak since January 1996, after manufacturing slowed in China, the world’s largest user of base metals. Aluminum traded near a four-year low.
Corn, little changed, is set for the biggest weekly gain in three months on signs inventories will be lower than expected in the U.S., stoking concern food supplies may lag behind demand after adverse weather cut harvests.
Copper pared a weekly loss as falling jobless claims, gains in regional manufacturing and better-than-forecast company earnings bolstered the outlook for the U.S., the second biggest user.
"Copper was supported by easing concern over higher U.S. interest rates."
- Hiroyuki Kikukawa on Apr 09, 2014