Copper hikes for the first time in 2015

Author: Paul Ploumis09 Jan 2015 Last updated at 05:02:29 GMT

LONDON (Scrap Monster): The value of the commodity hiked by 0.5 percent in London, after its beginning of the worst year, since 2007. It was confirmed by the Federal Reserve, that there is no chance of a hike in the interest rate before the month of April. According to the data published in the December meeting, the US jobless claims forecast had fallen to 290,000. Compared to the results from last week, which is the lowest average for the year 2000.

An analyst, Yang Hong based in Jinrui Futures Co. stated that, the investors shouldn’t be worried regarding the increase in interest rates for several months now. He also added that, that the metal market might be gifted with more numbers of positive economic data from, US, as the nearly zero borrowing rates will continue.

The copper, which is to be delivered to Shanghai in three months, on the London Metal Exchange gained about 0.3 percent and reached to 6,136 dollars per tonne, which is the first hike recorded in the last six days. The value of the meta closed down at 0.5 percent and reached at 6,115 dollars per tonne, the previous day, which is noted to be the lowest, since the year 2010. The price of the commodity declined to 2.6 percent on the year 2015, which is the worst start in an year, since the 11 percent decline of the commodity in the beginning of the year 2007.in the month of Decmber, the consumer prices in the euro declined for the first time since the year 2009. On January 22nd, the European Central Bank is planning on to announce easing measures, stated the economist Dirk Schumacher, based in Goldman Sachs Group.