LONDON: Aluminium and copper prices in London fell on Wednesday as investors awaited the US Federal Reserve’s decision on interest rates as concerns about global economic growth persist.
Three-month copper on the London Metal Exchange (LME) was down 0.4% at $8,481.5 a tonne by 1643 GMT, having touched a one-week high of $8,770.15 on Tuesday. Aluminium fell 1.9% to $2,321 per tonne.
“The market has been caught up in the general nervousness regarding the global economic outlook,” Saxo Bank strategist Ole Hansen said.
Commodity markets were under pressure on Wednesday with oil prices plunging as much as 4.8% as the Fed is expected to raise interest rates on Wednesday and the European Central Bank is expected to hike rates on Thursday.
Copper prices are expected to recover slightly in coming months, a Reuters poll showed.
In other metals, zinc rose 0.2% to $2,615, lead fell 2.1% to $2,126.5, tin was up 0.6% at $26,640.
Nickel fell 0.8% to $24,775, after touching a two-week high of $25,420. Indonesia cut tax incentives to limit investment in lower quality nickel products as it aims to push for further downstream investment, a cabinet minister said.
Source: Brecorder
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