(Bloomberg) -- Copper steadied after a recent rebound as investors awaited the US Federal Reserve’s annual Jackson Hole meeting, which could offer clues on how rapidly the central bank will cut interest rates.
Central bankers from around the world are descending on the retreat in Wyoming for days of discussion about monetary policy and the state of the global economy. The centerpiece is Fed Chair Jerome Powell’s speech on Friday.
The industrial metal is up about 5% since early-August, with tentative signs of a rebound in China helping to steady sentiment. Figures released Monday showed exports of copper from the world’s top consumer falling from an all-time high. The government is also considering a new funding option for local governments to buy unsold homes.
Still, copper remains nearly $2,000 below May’s record amid a protracted downturn in China’s property market. There was also a rush from risk assets, including commodities in early August, triggered by sudden concern for US growth.
The metal traded in a narrow range Tuesday and was up 0.05% at $9,257.00 a ton on the London Metal Exchange at 3:00 p.m. London time, after closing at its highest since July 19 a day earlier. Aluminum was up 1.6% amid the metal’s longest rally since early 2021. Zinc and nickel also rose.
--With assistance from Sana Pashankar.
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