- Write by:
-
Friday, November 10, 2023 - 18:34:33
-
120 Visit
-
Print
Mining News Pro - Copper futures rose 0.3% to $8,162.50 as of 11:03 a.m. in New York.
Two Federal Reserve officials said the US economy still hasn’t felt the full effect of past interest-rate increases, suggesting more slowing is yet to come.
“In aggregate, we are still not seeing the full effects of policy,” Richmond Fed President Thomas Barkin said Thursday during a fireside chat in New Orleans. Speaking at the same event, Atlanta Fed President Raphael Bostic said he agreed.
Fed officials are trying to determine if they should keep raising interest rates after electing to leave the central bank’s benchmark unchanged at their last two policy meetings. It’s currently in a range of 5.25% to 5.5%, the highest in 22 years.
Investors no longer expect additional increases, according to futures. Fed Chair Jerome Powell is scheduled to speak later Thursday in Washington at a conference hosted by the International Monetary Fund.
The red metal declined earlier after official statistics showed Chinese consumer prices down more than the median economist forecast. The weak print underscores concerns about overall demand in the world’s top metals consumer.
That may push the People’s Bank of China to loosen monetary policy further, according to Bloomberg Economics. Base metals have faded this week after rallying since mid-October on bets Beijing would stimulate its economy to avoid a growth slowdown after months of tepid data.
“The Chinese are actually on the bid in copper,” said Alastair Munro, an analyst at Marex, pointing to increasing tightness in the onshore market. “The high frequency traders are selling.”
Short Link:
https://www.miningnews.ir/En/News/627649
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
Copper needs to reach $12,000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new ...
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
Teck Resources, Canada’s largest diversified miner, saw its copper production jump by 74% in the first three months of ...
Aurubis AG, Europe’s largest refined copper producer, has started a project in its Bulgarian smelter which will expand ...
No comments have been posted yet ...