3-Month Copper Hits 6-Week High on the LME After Fed Considers Raising Interest Rates

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3-month copper surged to a six-week high on Tuesday after Federal Reserve Chairwoman Janet Yellen said it was preparing to consider rate rises on a meeting-by-meeting basis. Greece also secured its bailout extension from the EU and oil prices rebounded.

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Yellen said it would be several months before the Fed expects to raise interest rates but the consideration was now on the table. Three-month copper on the London Metal Exchange jumped to a session peak of $5,846 a metric ton today, the strongest since Jan. 13, and closed 2% higher at $5,785.

 

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