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.
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 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.
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.
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.
Rubber rallied to the highest in more than one week as oil reached a 30-month high, increasing the cost of rival synthetic products and boosting demand prospects for the commodity used to make tires.
Wheat gained for the first time in three days on speculation that a drop to a one-week low was excessive and as the dollar declined.
"With no trade on the LME, investors are waiting for today's U.S. housing data in thin trade."
- Hiroyuki Kikukawa on Aug 25, 2014