LIVE FUTURES REPORT 14/06: Comex copper down after Fed rate hike

Comex copper prices failed to hold momentum on Thursday morning in the US, with the Federal Reserve's decision to increase interest rates spurring a dollar rally and sinking the base metals group.

Copper for July settlement on the Comex division of the New York Mercantile Exchange declined 2 cents or 0.6% to $3.2340 per lb.  Yesterday, the US Federal Open Market Committee raised interest rates 25 basis points at its meeting and indicated two more potential rate hikes by the year end. The US dollar index subsequently climbed to a high of 94.95 on Wednesday and was recently trading at 94.20. "The central bank raised its overnight lending rate rates by another .25% as expected,...


Dalton Barker

June 14, 2018

14:50 GMT