Copper futures were driving toward their sharpest weekly advance in about 12 months on Friday in the aftermath of the U.S. Federal Reserve opting to leave stimulus measures unchanged, according to Bloomberg.
The base metal was pushing toward weekly gains of about 4.2 percent, representing the sharpest five-day gain since the middle of September 2012. Copper is sensitive to worldwide economic and financial developments due to its myriad uses in construction, manufacturing and additional industry.
"The Fed's decision and the dollar's weakness against the euro provided support for copper," metals trader Chae Un Soo with Korea Exchange Bank Futures Co. in Seoul told Bloomberg on Friday. "Copper is expected to test the Aug. 27 high of $7,400 in the short term."
At 9:39 a.m. on Friday, copper futures were down 0.37 percent, a 0.0125-cent loss to $3.3345 per pound.
Reuters reports the reddish metal has increased in value roughly 4 percent since Fed chairman Ben Bernanke said the body he leads is will continue monitoring economic and financial data released by the U.S. to determine the course of action for monetary stimulus.
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