News

Copper climbs after Fed statement

Bnamericas Published: Thursday, March 17, 2016
Copper climbs after Fed statement

The price of copper rose strongly on Thursday in London following the latest statement from the Federal Open Market Committee, which left interest rates unchanged.

Spot copper closed 1.70% higher at US$5,029/t (US$2.281/lb) on the London Metal Exchange from Wednesday's US$4,945/t (US$2.243/lb), according to Chilean state copper commission Cochilco.

"The fact that the US Federal Reserve has signaled that it will not be raising interest rates quite as sharply this year as previously predicted is also driving metal prices up significantly this morning," said Commerzbank in a note on Thursday.

The German bank added: "Copper has risen above both the US$5,000 per ton mark and the technically important 200-day moving average, and has achieved a 4½- month high of US$5,070."

Also lending support to the red metal was comments made by Chinese Premier Li Keqiang, who ruled out any hard landing of the Asian giant's economy. "We believe this will require further economic stimulus measures to be implemented, which should also contribute to solid demand for metals," Commerzbank said.

Aluminum closed up 0.6% on Thursday at US$1,503.50/t and lead was 2.5% higher at US$1,812/t, while nickel rose 2.2% to US$8,645/t. Zinc was up 3.2% at US$1,794.50/t, tin was 0.7% higher at US$17,025/t and molybdenum was steady at US$12,200/t.

*****

UPCOMING BNAMERICAS EVENTS

5TH Mexico Infrastructure Summit

Click here to see the agenda and speakers

4TH Mexico Oil & Gas Summit

Click here to see the agenda and speakers

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects in: Mining & Metals

Get critical information about thousands of Mining & Metals projects in Latin America: what stages they're in, capex, related companies, contacts and more.

  • Project: Picha
  • Current stage: Blurred
  • Updated: 2 weeks ago
  • Project: Almas
  • Current stage: Blurred
  • Updated: 2 weeks ago
  • Project: Kachi
  • Current stage: Blurred
  • Updated: 2 weeks ago
  • Project: El Zorro
  • Current stage: Blurred
  • Updated: 2 weeks ago
  • Project: Cabaçal
  • Current stage: Blurred
  • Updated: 2 weeks ago
  • Project: Chanape
  • Current stage: Blurred
  • Updated: 1 week ago
  • Project: San Javier
  • Current stage: Blurred
  • Updated: 2 weeks ago

Other companies in: Mining & Metals

Get critical information about thousands of Mining & Metals companies in Latin America: their projects, contacts, shareholders, related news and more.

  • Company: Bechtel Group, Inc.  (Bechtel)
  • Bechtel Corporation is a global engineering, construction, and project management company. Since 1898, the company has completed more than 25,000 projects across 160 countries w...
  • Company: Ausenco Ltd.  (Ausenco)
  • Ausenco Ltd. is an Australian engineering and project management firm that provides program management, project management, technical solutions, engineering, global procurement,...
  • Company: Besalco S.A.  (Besalco)
  • Chilean construction and engineering group Besalco S.A. (Besalco) is controlled by the Bezanilla-Saavedra family and was established in 1944. With operations in three countries,...
  • Company: Bechtel Chile Ltda.  (Bechtel Chile)
  • Bechtel Chile Ltda., the local unit of the US engineering and construction company, offers services to clients for the development, engineering, construction and administration ...
  • Company: Duro Felguera, S.A.  (Duro Felguera)
  • Duro Felguera, S.A. (DF) is a Spanish company specializing in executing turnkey projects for the electric power, industrial, and oil and gas sectors, as well as supplying specia...