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Hawkish Fed & Weak Demand Hit Copper Hard
The correction in copper prices continues as we head towards the weekend. Copper futures are now down more than 11% from the record highs seen just a week ago. The key driver behind the move has been the uptick in the US Dollar we’ve seen in response to a slew of hawkish Fed commentary. On the back of a softer April US CPI number, traders had begun pricing in a cut in September. However, with several Fed policymakers seen pushing back against this view, citing the need to hold rates steady, USD began recovering the post-CPI sell-off. The release of the latest FOMC minutes added to bullish USD sentiment with some ... (full story)