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- LME Aluminum 3M Select trades $35.25 higher to $3182.50 at 7:53:08 AM
- LME Copper 3M Select trades $-64.50 lower to $13620.50 at 7:53:10 AM
- (Bloomberg) – Copper edged lower ahead of an interest-rate decision by the Federal Reserve, while Iran’s surprise attacks on US bases in the Middle East sent crude oil prices higher and renewed concerns about global inflation. Interest-rate swaps imply about a one-in-three chance of the Fed raising rates later Wednesday, an unusually higher degree of uncertainty so close to a policy meeting. A hike could cool growth and weigh on copper demand. “Until the results of the Federal Reserve’s interest rates meeting are announced, the market remains dominated by cautious trading,” Chinese brokerage Guotai Junan Futures Co. wrote in a note about copper. In the Middle East, the US said its forces were targeted by Iran overnight while Washington and Saudi Arabia struck Tehran-backed militias in Iraq, ending a few days of calm. Separately, a faltering artificial intelligence trade has also fed into a downbeat mood for the red metal. AI infrastructure is seen as an important growth market for copper.
- CME HRC Steel last traded at $1193 and $1 higher at 8:01:44 AM
Price Indications
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