Mumbai, 31 Jan (Commoditiescontrol): London Metal Exchange (LME) copper prices were subdued on Wednesday ahead of the conclusion of the U.S. Federal Reserve's two-day meeting, heading for a slight monthly gain amid supply disruption.
Three-month copper on the LME dipped 0.1% to $8,605 per metric ton. The contract has gained 0.5% so far this month.
The most-traded March copper contract on the Shanghai Futures Exchange added 0.5% to 69,340 yuan ($9,660.07) per ton, also up 0.6% so far this month.
The Fed is expected to leave interest rates unchanged on Wednesday and investors will focus on any clues from Fed Chair Jerome Powell on the likelihood of a rate cut in March.
Copper prices, often seen as an economic indicator, were closely related to major economies' outlook.
Also weighing on the market was demand from top consumer China, with expectations of more stimulus by Beijing to shore up a fragile economic recovery amid a housing crisis.
However, mine closure in Panama's Cobre mine and lowered production guidance by global miners caused disrupted supply and led to Chinese smelters' mulling on production cuts.
LME zinc edged 0.1% higher to $2,566 a ton, aluminium declined 0.3% to $2,267, nickel shed 0.2% to $16,475, lead eased 0.5% to $2,166.50 while tin gained 0.2% to $26,060.
SHFE zinc little moved at 21,340 yuan a ton, nickel slid 0.6% to 127,530 yuan, tin lost 0.9% to 218,000 yuan, and aluminium slipped 0.1% to 18,970 yuan, while lead moved 0.1% up at 16,270 yuan.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
