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Copper Climbs in N.Y. as Dollar Weakens on Fed Rate Speculation
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By Ted Bunker
June 23 (Bloomberg) -- Copper prices rose in New York as the dollar weakened on speculation that the Federal Reserve will damp rate-increase expectations tomorrow.
Copper futures for September delivery jumped 5.1 cents, or 2.4 percent, to $2.195 a pound at 8:13 a.m. on the New York Mercantile Exchange’s Comex unit. The U.S. Dollar Index, a six- currency gauge, declined as much as 0.6 percent. Fed policy makers begin a two-day meeting today, with a statement on current economic and financial conditions expected tomorrow.
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