Copper’s three-month price continued on an upward trend throughout afternoon trading, with total volumes topping the complex and more than 18,000 lots changing hands by the close.
Price action in the red metal has pushed beyond the nearby threshold of $6,100 per tonne this week, on low stocks and stronger-than-expected economic data from China, despite remaining in contraction territory.
“The [US Federal Reserve Bank] policy statement did not disappoint [on Wednesday] and gave investors the ‘dove-ish’ bias they were clamoring for,” INTL FCStone analyst Edward Meir said.
“The central bank said that it would be ‘patient’ about raising rates going forward, in light of significant economic uncertainties, the possibility of yet another [US] government shutdown, signs of moderating growth, and the unease created by the US-China trade talks,” he added.
“But ‘patience’ was the key term drilled into investors’ psyches, with [Federal Reserve...