Copper recovered from the biggest decline in two weeks on speculation the Federal Reserve will commit to keeping interest rates low to support economic growth.
Benchmark lending rates in the U.S., the world’s second-biggest copper consumer, will rise in June, according to 45 percent of 53 economists surveyed by Bloomberg News. The Fed’s decision on interest rates is due at 2 p.m. in Washington. Chilean copper producer Antofagasta Plc said on Wednesday that it’s “optimistic” on the outlook for copper prices.
“There could be a dovish surprise from the Fed,” said Robin Bhar, an analyst at Societe Generale SA in London. “Maybe a delay to interest rate increases, which would be supportive for base metals.”
Copper for delivery in three months advanced 0.3 percent to $5,439 a metric ton as of 1:37 p.m. on the London Metal Exchange. All of the six main industrial metals on the LME rose, except lead.
via Bloomberg
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