Shanghai copper prices climb 0.7% after Fed meeting

Apr 26, 2012 | 03:44 AM |

Shanghai Futures Exchange copper prices inched up by 0.7% on Thursday April 26 on an improved policy outlook from the US Federal Reserve. SHFE August copper settled at 57,960 yuan ($9,171) per tonne, up 400 yuan from last session. The Federal Reserve said after its Wednesday meeting that it expected to maintain “a highly accommodative stance” for monetary policy to support a stronger economic recovery. The committee also decided to continue its program to extend the average maturity of its holdings of securities as announced in September. Although the comments provided a limited boost to market confidence as they had been long anticipated. “The Fed’s statement is almost in line with market expectations, and has therefore been largely priced in,” Yue Yang, analyst of Xinhu Futures in Chengdu....

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