Copper prices in London increased in the second day due to the positive atmosphere before the Fed's interest rate decision.
On the London Metal Exchange, three-month copper traded at $9,808.5/ton, up 0.1% at 07.38 CET. The March copper contract on the Shanghai Futures Exchange rose 0.5% to 70,160 yuan/t.
According to analysts, investors are waiting for the Fed's update to its policy plan, the timing of expected rate hikes and the shrinking of its huge balance sheet.
Asian stock markets, on the other hand, made a cautious start today after another volatile Wall Street session.
Aluminum prices, on the other hand, increased as the Russia-Ukraine crisis triggered supply concerns. In the LME, aluminum rose 0.8% to $3,117/tonne.
Iron prices increased
Iron ore futures in China rose to their highest level since mid-October, supported by supply concerns after reports of reduced shipments from Australia and Brazil.
Iron ore for May delivery rose 3.2 percent to 774.50 yuan/t ($122.49) on the Dalian Commodity Exchange. Iron ore for March delivery on the Singapore Stock Exchange fell 0.8% to $136.20/ton at 06.58 CET in volatile trading.
Both Dalian and Singapore iron ore indicators are on track for weekly gains as major mining companies Fortescue Metals Group, BHP Group and Rio Tinto face labor shortages due to an increase in Omicron variant cases in Australia.
On the Shanghai Futures Exchange, rebar and hot rolled coil fell 0.3%, while stainless steel fell 0.6%.
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