- Copper prices declined on Thursday, as the Federal Reserve left open the possibility of a rate hike in December and amid persistent worries about future demand from top consumer China.Copper for December delivery on the Comex division of the New York Mercantile Exchange shed 2.4 cents, or 0.99%, to trade at $2.339 a pound during morning hours in London. A day earlier, copper ended little changed.The Fed left interest rates unchanged following a two-day policy meeting on Wednesday, as widely expected, but surprised the market with a hawkish statement, which included a direct reference to its next policy meeting. The central bank’s statement did not repeat that global risks would have a likely impact on the U.S. economy, as it warned at its last meeting in September.Investors interpreted that omission as a hawkish signal in deciding when to raise short term rates.
- Oil futures pushed lower on Thursday, as a broadly stronger U.S. dollar prompted market players to lock in gains from the previous session’s 6% rally.Crude oil for delivery in December on the New York Mercantile Exchange slumped 61 cents, or 1.34%, to trade at $45.33 a barrel during European morning hours.The U.S. dollar surged to a two-month high against a basket of major currencies early Thursday after the Federal Reserve hinted at a possible rate hike in December. Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies. A day earlier, Nymex crude prices soared $2.74, or 6.34%, following the release of bullish U.S. weekly supply data.
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