METALS-Copper gains for second session, market eyes Fed move

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METALS-Copper gains for second session, market eyes Fed move

By Naveen Thukral

SINGAPORE, Jan 26 (Reuters)London copper prices edged higher on Wednesday, in positive territory for the second session, ahead of U.S. Federal Open Market Committee’s decision on interest rates.

Investors are awaiting the Fed’s update to its policy plan, likely fleshing out timing on expected rate hikes and dwindling of its massive balance sheet.

Asian stock markets got off to a cautious start on Wednesday, after another volatile Wall Street session, as investors braced for the outcome of the Fed meeting. MKTS/GLOB

* Three-month copper on the London Metal Exchange CMCU3 added 0.6% to $9,859.5 a tonne by 0702 GMT and the most-traded copper contract on the Shanghai Futures Exchange SCFcv1finished up 1.3% to 70,730 yuan ($11,192.16) a tonne.

* Aluminium rose on worries over supply from major producer Russia because of the Ukraine crisis.

* Russia’s Rusal 0486.HK is one of the world’s biggest producers of aluminium and prices rocketed in 2018 to seven-year highs when the United States imposed sanctions on the company.

* Russia said on Tuesday that it was watching with great concern after the United States put 8,500 troops on alert to be ready to deploy to Europe in case of an escalation in the Ukraine crisis.

* Three-month aluminium on the London Metal Exchange CMAL3 (LME) added 0.6% to $3,110 a tonne and Shanghai aluminium SAFcv1 finished up 1.9% to 21,525 yuan a tonne.

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TOP/MTL or MET/L

PRICES Three month LME copper CMCU3

Most active ShFE copper SCFcv1

Three month LME aluminium CMAL3

Most active ShFE aluminium SAFcv1

Three month LME zinc CMZN3

Most active ShFE zinc SZNcv1

Three month LME lead CMPB3

Most active ShFE lead SPBcv1

Three month LME nickel CMNI3

Most active ShFE nickel SNIcv1

Three month LME tin CMSN3 Most active ShFE tin SSNcv1

ARBS

LMESHFCUc3

LMESHFALc3

LMESHFZNc3

LMESHFPBc3

LMESHFNIc3

($1 = 6.3196 yuan)

(Reporting by Naveen Thukral; Editing by Shailesh Kuber and Rashmi Aich)

(([email protected]; +65-6870-3829; Reuters Messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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