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Copper Rises as Fed Signals no Immediate Rate Hike

Nov 4 (Reuters) - Copper prices advanced on Thursday after the U.S. Federal Reserve signalled it would stay patient before raising rates to sustain the country’s economic growth and employment recovery.

Three-month copper on the London Metal Exchange rose 1.6% to $9,607 a tonne by 0427 GMT, rebounding from two straight sessions of losses.

The most-traded December copper contract on the Shanghai Futures Exchange was almost unchanged at 70,430 yuan ($11,015.88) a tonne.

The Fed said it would trim its massive bond-buying programme starting this month, but stay patient and wait for more job growth before raising interest rates.

Copper is often used as a gauge of global economic health due to its widespread application in many sectors. A delay in U.S. rate hikes is likely to sustain growth in the world’s biggest economy.


* LME aluminium rose 0.9% to $2,680 a tonne, nickel advanced 1.1% to $19,380 a tonne, and zinc was up 1.2% at $3,347.50 a tonne.

* ShFE aluminium fell 1.1% to 19,880 yuan a tonne, nickel decreased 1.5% to 142,680 yuan a tonne, while tin rose 1.8% to 278,200 yuan a tonne.

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* Share markets firmed after the Fed engineered an orderly start to unwinding its massive stimulus programme, though doubts about the inflation outlook did push up longer-dated bond yields.


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$1 = 6.3935 yuan

Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu

Source: Reuters

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