Copper Prices Soar on Tightening Physical Market and Fed Decision

Copper futures rose sharply on Thursday, gaining as much as 3% on signs of a tightening physical market. This increase comes after the US Federal Reserve left interest rates unchanged.

The Comex most-active copper contract for September delivery climbed to an intraday high of $4.42 per pound, nearing its June record high.

The price surge is attributed to increasing evidence of a tight physical market, with relief that the Fed kept interest rates steady contributing to the rally.