Copper is up as the market awaits the Fed's decision.

Copper prices on the London Metal Exchange (LME) are rising after a solid gain of over USD 100 on Tuesday, brokers said.

Copper for 3-month deliveries on the LME is priced higher than USD 9,840.50 per tonne, quoted at the end of the previous session.

On the Comex in New York, copper is trading at $4.5700 per pound, down 0.33%.

On the Shanghai Metal Exchange (SHF), copper is priced at 79,320.00 yuan per tonne, up 0.48%.

Investors are assessing US inflation data, which could pave the way for the Fed to cut interest rates at the next central bank meeting.

US CPI rose by 2.7% year-on-year in July and by 0.2% month-on-month. Expectations were for +2.8% year-on-year and +0.2% month-on-month. Core inflation rose by 0.3% month-on-month and 3.1% year-on-year. Expectations were for +0.3% month-on-month and +3% year-on-year.

Swap traders are betting that the Federal Reserve will cut lending rates at its September meeting, especially given the weakening US labor market.

At the end of the previous session, copper on the LME gained $109 and cost $9,840.00 per tonne. (PAP Biznes)

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