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London copper rose for the fifth straight day on Thursday as supply concerns were raised by production disruptions at the world's three major mining sites and a falling dollar made metal prices cheaper
for holders of other currencies.
At 17:00 London time on March 16 (01:00 Beijing time on March 17), three-month LME copper closed up 0.
7% at $
5,908 a tonne.
Copper futures have accumulated 4.
5%
since hitting an eight-week low of $5,652 on March 9.
The dollar fell to a four-week low after the Federal Reserve raised interest rates for the second time in three months, as expected, but said the pace of further rate hikes
would be gradual.
The Fed's decision to raise its overnight lending rate target range by 25 basis points to 0.
75-1.
00% is one of the most convincing steps
taken by the Fed in the process of normalizing monetary policy.
Fed officials maintained expectations
that there would be two more rate hikes this year and three next year.
Market participants said that concerns about strikes at mines, optimistic expectations about economic quality and infrastructure spending, drove the market higher
.
Goldman Sachs expects disputes over the Escondida copper mine in Chile, the Cerro Verde mine in Peru and the Grasberg mine in Indonesia to result in lost production by 200,000 tons
.
Goldman Sachs said the three mines together account for 13 percent
of global copper supply.
Goldman Sachs also said the market was digesting last year's excess supply and copper prices could rise to $
6,200 in the next three months.
Overnight London copper rushed back down, the center of gravity continued to rise, helped by the dovish Fed interest rate hike dot plot brought about by the dollar weakness and LME inventory reduction, but from the overnight plate above the London copper above the middle rail pressure is greater, today there is no major news and data in the day, copper prices continue to test the upper resistance, the operating range of 5880 ~ 5950 US dollars / ton
.
