Commodity News
HeadLine : Most base metals ease ahead of Fed meeting result
Date : Mar 20 2019
Most industrial metals on the London Metal Exchange fell on Wednesday, shrugging off some gains in the previous sessions as investors turned cautious ahead of the result of the U.S. Federal Reserve rate meeting later in the day. Three-month copper on the London Metal Exchange fell 0.2 percent to $6,446.5 a tonne, while the most-traded copper contract on the Shanghai Futures Exchange eased 0.1 percent to 49,220 yuan ($7,334.66) a tonne. London aluminium retreated 0.5 percent from a three-month high reached in the previous session following a cyber attack on aluminium maker Norsk Hydro, while zinc lost 0.3 percent and lead eased 0.2 percent. The U.S. Federal Reserve will announce the result of its policy meeting later on Wednesday. It is widely expected to hold its benchmark rate unchanged, but investors will look for any clues on future rate moves. The reactivation of a smelter belonging to Chile’s state-owned Codelco, the world’s largest copper producer, will take more time than expected, the country’s mining minister Baldo Prokurica said on Tuesday.

Source: Reuters

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