Mumbai, 30 Jan (Commoditiescontrol): Copper prices in London showed modest changes on Tuesday, maintaining a tight trading range as market participants await a pivotal interest rate decision from the United States Federal Reserve later this week.
The three-month copper benchmark on the London Metal Exchange (LME) marginally declined by 0.1%, settling at $8,549.50 per metric ton as of 0301 GMT. In contrast, the most actively traded March copper contract on the Shanghai Futures Exchange (SHFE) experienced a slight increase of 0.1%, reaching 69,020 yuan ($9,616.30) per ton.
Investors are closely monitoring the U.S. dollar, which has been relatively stable against major currencies. The focus is on the Federal Reserve's upcoming monetary policy announcement. Market speculation centers around not just the current interest rate stance but also signals from Fed Chair Jerome Powell regarding future rate movements. Powell's press conference on Wednesday is expected to be a critical event for hints about possible rate adjustments.
In other metal trading, LME aluminium saw a 0.5% decrease to $2,253.50 per ton. Nickel dropped by 0.7% to $16,325, while lead, tin, and zinc experienced varied movements. SHFE figures mirrored these trends, with notable declines in aluminium, nickel, and zinc.
A particular point of interest is the nickel market, which is poised for its sixth consecutive monthly fall on both LME and SHFE platforms. This trend is attributed to an ongoing supply surplus.
Further, COMEX data revealed a significant increase in net short positions on copper, reaching 30,839 contracts by January 23 – the highest since March 2020, during the early stages of the global coronavirus pandemic.
(By Commoditiescontrol Bureau; +91-9820130172)
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