Futures Market News
Copper futures gain amid watchful eyes on Fed's Bernanke
Aug 23, 2011 08:20 AM
Copper futures gained in value Tuesday amid conjecture that the U.S. central bank is set to pump additional liquidity into the U.S. economy, according to Bloomberg.
As the globe's second-biggest user of the reddish metal, the U.S. is under scrutiny as to whether it will engage in another round of asset purchasing. The most recent round, known as quantitative easing or more colloquially QE2, finalized in late June. With the U.S. Federal Reserve set to convene later this week for its annual symposium in Wyoming, all eyes are on fed chief Ben Bernanke.
"The important news this week will be obviously Bernanke's speech in Jackson Hole," analyst Andrey Kryuchenkov of VTB Capital in London told Bloomberg. "That's what people are waiting for."
At 8:27 a.m. on Tuesday, copper futures increased 1.89 percent, a 7.5 cent climb to $4.05 per pound.
Kitco News reports the scrutiny on Bernanke and the Fed is especially intense after the Standard & Poor's credit rating downgrade earlier this month as the stock market has weakened. It was at last year's symposium where he first alluded to asset purchasing as a strategy to spur the world's biggest economy.
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