Commodity News
HeadLine : Shanghai base metals held onto overnight gains ahead of Fed rate decision
Date : Jul 29 2020
Those metals cruised higher across the board in overnight trading. Zinc surged 1.7%, aluminium climbed 1.4%, lead advanced 0.7%, copper gained 0.3% and nickel failed to fully recover from opening losses and was down 0.3%. Their counterparts on the LME were mixed and changes were less than 1% The US dollar index, which measures the greenback against a basket of its peers, were little changed in the morning of Asian trading hours on Tuesday, still residing around two-year lows. Meanwhile, oil prices edged lower, even as data from the American Petroleum Institute (API) showed a decline in US crude supplies for last week. The Fed will conclude its two-day policy meeting Wednesday. The central bank is expected to keep interest rate unchanged at near zero to support the economy still struggling with the coronavirus pandemic. On Tuesday, the Fed announced it would extend its emergency lending programs through the remainder of 2020. 

Source : SMM
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