Copper Steadies After Biggest Decline in Almost Two Years
- Prices impacted by Fed officials dampening rate-cut hopes
- Metal’s rally ‘showing signs of easing,’ Jinrui Futures says
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Copper steadied following the biggest drop in almost two years, as Chinese factories balked at paying record prices and Federal Reserve officials made hawkish comments on inflation.
The metal surged to an all-time high above $11,000 a ton on Monday, as bullish bets put pressure on holders of short positions to close out their trades. That was followed by a slump of 4.1% on Wednesday, the most since July 2022, amid profit-taking and signs of weaker demand in China.