Ningbo Jintian Copper (Group) Co., Ltd.
Ningbo Jintian Copper (Group) Co., Ltd.

METALS-copper Slips As Fed Taper Signals Raise Recovery Concerns By Mai Nguyen

Sept 23 (Reuters) – London copper prices slipped on Thursday, pressured by worries of slowing recovery in the United States after the Federal Reserve signalled it would taper its stimulus programme sooner than expected.

Three-month copper on the London Metal Exchange fell 0.1% to $9,274 a tonne by 0746 GMT, while the most-traded October contract on the Shanghai Futures Exchange closed almost flat at 68,660 yuan ($10,614.35) a tonne.

The Fed said on Wednesday it would likely begin reducing its monthly bond purchases as soon as November and signalled interest rate increases may follow more quickly than expected.

Copper is often used as a gauge of global economic health.

"Taper is getting closer and September (U.S.) employment data has become the focus of attention," said Huatai Futures in a report, expecting copper to move in a wide fluctuation, with downside risk.