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Copper pares weekly decline following Yellen comments

15th November 2013

Copper has rallied for a second session in commodities trading markets today (November 15th), after Federal Reserve chair nominee Janet Yellen said there are risks to ending the bank's quantitative easing programme too soon. 

Recent data emerging from the country had led to suggestions the Fed would look to scale back its asset purchases at its December policy meeting.

However, current deputy chair Ms Yellen was quizzed by the Senate Banking Commission yesterday amid her nomination for the top role at the bank and stated the stimulus should be maintained until the US labour market has "improved substantially".

Copper for delivery in three months added 0.6 per cent to $7,035.25 per metric tonne on the London Metal Exchange, trimming the metal's weekly loss to 1.9 per cent.

Futures for delivery in March gained 0.6 per cent to $3.1895 per pound on the Comex division of the New York Stock Exchange.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.