Copper Hits One-Week High

MF Global's Meir said a rate increase coming out the European Central Bank by Thursday could initially set markets back, but he felt the move would likely be shrugged off quickly, similar to the reaction to recent fiscal tightening in China.

Copper fabricator Encore Wire (WIRE) was up 0.3% to $26.31, while fabricator Lihua International (LIWA) was down 2% to $8.69.

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(Published at 12:08 pm)

The Japanese yen has sunk to a six-month low against the U.S. dollar on speculation that Japan's central bank will take longer than other countries to raise interest rates.

The U.S. dollar was rising 0.6% against the Japanese currency at 85.329 yen. On Wednesday, the U.S. currency hit a six-month high against the Japanese currency at 85.515 yen.

The Bank of Japan is expected to announce that it has kept its target rate at zero to 0.1% at the end of its two-day meeting on Thursday, according to a Bloomberg survey of economists, as the country tries to get back on its feet again after being struck by a massive earthquake and tsunami on March 11.

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