The base metal benefited from the strengthened candidacy of vice chair Janet Yellen with the U.S. Federal Reserve succeeding chairman Ben Bernanke after former Treasury Secretary Lawrence Summers retracted his interest. The reddish metal is sensitive to economic and financial developments due to its myriad uses in construction, manufacturing and additional industry.
"The dollar has weakened as the next Fed chairperson is now likely to be Dr. Yellen, who is a proponent of current policy, rather than a tighter one," states a Monday email authored by senior director Michael Turek with Newedge Group SA in New York, according to Reuters. "So gradual tapering seems to be the way forward."
At 9:42 a.m. on Monday, copper futures increased 0.84 percent, a 0.027-cent climb to $3.2305 per pound.
Reuters reports the industrial metal also benefited from reduced tensions in Syria, who stands accused of killing more than 1,400 of its own nationals on August 21 on the outskirts of Damascus. The U.S. and Russia negotiated a plan for the Middle East nation to relinquish its arsenal of chemical weaponry.
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