Commodities rally in Asia after US interest rate rise

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Commodities traders in Asia have a few solid reasons to buck up as oil and metals prices climb in the wake of the Fed’s rate hike – though some have fared better than others.

Copper led gains in the region, with futures contracts in Shanghai rising 1.7 per cent to Rmb47,820 (about $6,935) a tonne to erase most of the previous ten days’ losses.

Oil prices were sitting comfortably higher in early afternoon Asia trading, with international benchmark Brent crude steady after a 0.7 per cent rise at $52.15 a barrel. West Texas Intermediate, the US marker, had scrambled 0.6 per cent higher to break back above the $49 mark – if only by 14 cents.

Market uncertainty and a softer dollar were a boon for gold, which notched a 0.4 per cent rise to $1224.69 per ounce, its highest level since March 7.

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