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MTECHTIPS:-Copper rebounds from 6-year low after dovish FOMC minutes

MTECHTIPS:-Copper rebounds from 6-year low after dovish FOMC minutes

Copper prices rose for the first time in six sessions on Thursday, rebounding from a six-year low as dovish minutes from the Federal Reserve’s July meeting dented expectations for a rate hike in September. Gains were limited as investors continued to monitor movements on China’s volatile stock market. Copper for September delivery on the Comex division of the New York Mercantile Exchange inched up 2.1 cents, or 0.92%, to trade at $2.297 a pound during morning hours in London. A day earlier, copper plunged to $2.260, a level not seen since July 2009, before ending at $2.276, down 1.1 cents, or 0.48%. Minutes of the Federal Reserve’s July meeting published on Wednesday showed that policymakers express broad concerns about lagging inflation and the weak global economy, leading some investors to question the likelihood of a rate hike in September. The minutes added that Fed officials were concerned about “recent decreases in oil prices and the possibility of adverse spillovers from slower economic growth in China.” The Shanghai Composite took investors on another volatile ride on Thursday, falling by as much as 2.2% after the open, before paring losses after the midday break, and then plunging again in the last hour of trade to end down 3.4%.
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