Copper claws higher ahead of expected Fed rate cut

LONDON, Sept 18 (Reuters): Copper prices ticked higher on Wednesday ahead of a widely expected rate cut by the US Federal Reserve, which investors bet will support metals demand.
Three-month copper on the London Metal Exchange CMCU3 was up 0.6 per cent at $9,426 per metric ton by 0945 GMT after slipping on Tuesday.
LME copper has rebounded by 6 per cent since touching a three-week low on Sept 4, but is still down 15 per cent since hitting a record high in May.
"The market is looking for additional support to come from that rate cut announcement and is also focusing on China, for that government to do more to arrest the slide we're seeing," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
Chinese President Xi Jinping last week urged authorities to strive to achieve annual economic goals, leading to expectations of stimulus measures to bolster a flagging economic recovery. LME copper was hovering just under a key level of $9,500, which if broken would open up the path to challenge of $10,000, Hansen added.