Base Metal Outlook: Copper futures climbed above $4.3 per pound in mid-September, scaling the highest levels in two months as the US Federal Reserve jumbo rate cut boosted the global economic outlook, fuelling a rally in risk assets.
- Spot Gold Above $2603, Very Strong Next Target $2618——$2640 [Don’t Even Think About Selling It]
- MCX Copper Rises As Expected, From 802 to 817
- Hdfc Bank share are up by 1.44%, Nifty up by 0.55%
- Reliance Infrastructure share price rises up to 7.5%, inching close to 1-year high on substantial reduction in debt
- Fed Meeting press conference quotes
The US central bank kicked off its easing campaign with an outiszed 50 basis point rate cut in September and signaled further rate reductions, with two more quarter-point cuts seen for the remainder of the year.
The move raised hopes of a soft landing for the US economy as inflation returns to target, while increasing the likelihood of policy easing in other major economies.
Markets are also awaiting potential economic support in top copper consumer China, after weaker-than-expected industrial output, retail sales, and fixed-asset investments underscored the downward trajectory of manufacturing without more stimulus.
On the supply front, energy shortages in Zambia pressured output from one of the world’s main copper ore suppliers.
