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Copper Joins Fed Rally With Prices Heading for Nine-Week High
Copper added to its biggest weekly gain since July as industrial commodities benefit from growing optimism for an end to the Federal Reserve’s rate hikes. Investors have been adding to bets that the Fed’s tightening cycle has ended after a series of US data points showed the world’s biggest economy is slowing. Higher borrowing costs and a relatively strong dollar have been key headwinds for metals in the past two years. Copper was 1% higher at $8,347.50 a ton by 11:55 a.m. London time on Monday, on track for its highest close since mid-September. Prices on the London Metal Exchange climbed 2.9% last week. There ... (full story)