Copper futures rally despite Fed rate hike
Copper futures rose over a three-day stretch after a 25 bps Federal Reserve rate hike, as markets appeared to have priced in the move while traders awaited potential tariff news on refined copper.
Bob Iaccino of Path Trading Partners said copper futures have extended their rally for a third day, shrugging off a 25 bps rate hike from the Federal Reserve. S. dollar usually weigh on commodities, but the Fed move was already largely priced in. Iaccino also cited lingering uncertainty over possible domestic tariffs on refined copper.
He said the administration has delayed its decision, prompting traders who had built long positions ahead of the policy to unwind them and limiting broader premium support.