SINGAPORE, Jan 26 (Reuters) – London copper prices edged higher on Wednesday, into positive territory for the second session, ahead of the Federal Open Market Committee’s interest rate decision.
Investors await the Fed’s update to its policy plan, likely outlining the timing of expected rate hikes and shrinking of its massive balance sheet.
Asian stock markets got off to a cautious start on Wednesday after another volatile session on Wall Street as investors braced for the outcome of the Fed meeting.
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* Three-month copper on the London Metal Exchange added $0.1 at $9,808.5 a tonne at 0438 GMT and the most traded copper contract on the Shanghai Futures Exchange rose 0.5% to 70,160 yuan per ton.
* Aluminum rose on concerns over supply from the main Russian producer due to the Ukraine crisis.
* Russia’s Rusal is one of the world’s largest producers of aluminum and prices soared in 2018 to seven-year highs when the United States imposed sanctions on the company.
* Russia said on Tuesday it was watching with grave concern after the United States put 8,500 troops on high alert to be ready to deploy to Europe should the Ukraine crisis escalate.
* Three-month aluminum on the London Metal Exchange (LME) added 0.8% to $3,117 a tonne.
* For top metal stories and other news, click
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* Wall Street ended the day lower on Tuesday after another tumultuous day of trading, while oil jumped more than 2% as geopolitical tensions and Wednesday’s Federal Reserve update occupied the attention of investors. investors.
1500 units of new home sales in the United States December
1900 The United States Federal Open Market Committee announces
its decision on interest rates followed by a statement
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Reporting by Naveen Thukral; Editing by Shailesh Kuber
Our standards: The Thomson Reuters Trust Principles.
