Copper rebounds after three-week low

The price of copper rose after declining for more than three weeks, supported by investors building short positions, despite expectations of a US interest rate hike by the Federal Reserve later today. Its price increased by 0.67% to reach $14,178 per ton on the London Metal Exchange, and it also gained in the Shanghai exchange, reaching 107,740 yuan per ton. This comes as markets indicate a more than 90% likelihood of a 25 basis point rate increase, amid continued pressure on industrial metals due to rising interest rates and inflation. Despite increasing global inventories, signals point to improved demand from China, the largest copper consumer, with the copper premium in Yangshan rising. However, inventories remain high, reflecting abundant supplies.

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