Copper price up on weak US inflation

The copper price firmed on Wednesday as the dollar dipped on lower-than-expected US inflation figures, which softened expectations for stimulus to be tapered soon.

Copper for delivery in December rose 2.3% from Tuesday’s settlement price, touching $4.422 per pound ($9,728 per tonne) midday Wednesday on the Comex market in New York.

Copper and other base metals were mostly trading on macroeconomic factors such as the US inflation which lowered the likelihood of the Fed withdrawing liquidity soon, said Saxo Bank analyst Ole Hansen.