Copper on MCX settled up 0.63% at 437.25 as prices extended a correction from last week’s sharp fall, but moves were muted ahead of an expected interest rate increase from Federal Reserve. China’s central bank nudged money market interest rates upward on Thursday just hours after the Federal Reserve raised the U.S. benchmark, as Beijing seeks to prevent destabilizing capital outflows without hurting economic growth.
Trading Ideas:
* Copper trading range for the day is 431-441.4.
* Copper rose as prices extended a correction from last week’s sharp fall, but moves were muted ahead of an expected interest rate increase from Fed.
* A strike is going to hit Teck Resources’ copper mine Quebrada Blanca in Chile due to a failure to agree on contracts mediated by the government.
* Barclays will raise copper price forecast in 2018 from $5,725/mt to $6,175/mt, the bank said.
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