1. Copper futures rally to 2-week high on Fed easing expectationsCopper futures rose sharply to hit a two-week high on Wednesday, amid expectations theFederal Reserve will maintain its loose monetary policy for the indefinite future. On theComex division of the New York Mercantile Exchange, copper futures for July delivery tradedat USD3.383 a pound during European morning trade, up 1.2% on the day. New York-tradedcopper prices rose by as much as 1.5% earlier in the day to hit a session high of USD3.391 apound, the strongest level since May 8. Investors looked ahead to testimony at the U.S. JointEconomic Committee by Federal Reserve Chairman Ben Bernanke, amid speculation overwhether the U.S. central bank will begin to scale back its asset purchase program thisyear.
The minutes of the Fed’s May meeting are to be released later in the
trading day. OnTuesday, St. Louis Fed President James Bullard said the Fed should continue its bond buyingand make adjustments as the economy changes. Comments by New York Fed President