Copper Prices Dipped Amid Rate Hike Bets Ahead of Fed Decision

Copper prices have dipped due to lingering bets on a US interest rate hike, which could dampen demand.

The market is awaiting the outcome of the US Federal Reserve meeting on Wednesday, with expectations that the Fed will hold interest rates steady at 62%, while 38% of market participants expect at least a 25 basis points hike.

Easing tensions between the United States and Iran have pushed crude oil prices lower, but expectations of further Federal Reserve rate hikes have risen.

The copper market is worried that higher rates could weigh on demand by dampening economic activity.