June 23 Reuters Copper prices rose on Wednesday as testimony from U.S. Federal Reserve chair Jerome Powell eased worries of a soonerthanexpected rate hike that could dampen liquidity into metals.
Threemonth copper on the London Metal Exchange was up 0.5 at 9,344.50 a tonne, as of 0701 GMT, while the mosttraded July copper contract on the Shanghai Futures Exchange closed 2 higher at 68,480 yuan 10,562.36 a tonne.
Powell on Tuesday reaffirmed the central banks intent to encourage a broad and inclusive recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.
Feds Jerome Powell played a clever balancing act to try and calm nerves over inflation and pushing back the potential for soonerthanexpected interest rate rises, Malcolm Freeman, a director at UK brokerage Kingdom Futures said.
Last week, investors fretted that the U.S. central bank could tighten its policy soon, leading to LME copper dropping 8.6, its biggest weekly fall since March 2020.
Chinas state reserves administration said it would publicly auction a total of 100,000 tonnes of nonferrous metals early next month in the first round of a rare and highly anticipated release of its stockpiles.
Chinas Zhejiang Huayou Cobalts first nickel and cobalt project in Indonesia will have capital expenditure coming in below target, a company official said.
Glencore Chief Executive Ivan Glasenberg said copper supplies needed to increase by one…