Investors expect the fed on Wednesday will keep the base rate at its lowest level. As at 08.13 GMT December futures for copper on the Comex was down 0.02% to 2.36 dollars per pound.
MOSCOW, 27 Jan. Copper prices Monday virtually unchanged as traders refrained from active participation in the auction before the decision of the US Federal reserve on further monetary policy, according to AFP.
As at 08.13 GMT December futures for copper on the Comex was down 0.02% to 2.36 dollars per pound (about 0.45 kilograms). The Minister also said that copper rose in price on 0,02%.
At the end of trading Monday the price of a ton of copper on the London metal exchange (LME) for delivery in three months rose by 0.29% to 5191 dollars per ton. The price of a ton of aluminum decreased by 1.14% to 1479 dollars, zinc — on 0,85%, to $ 1740.
The fed will announce its decision on the base rate on Wednesday. In General, investors expect that the regulator will keep the base rate at its lowest level and will postpone the tightening of monetary policy in 2016.
At the same time, support the cost of metal continues to exert on China, which on Friday lowered its interest rate by 0.25 percentage points to 4.35%. Deposit rate thus reduced by 0.25 percentage points to 1.5%. The changes came into force from Saturday, October 24.
“We need more time to see the impact of stimulus measures on the state of demand (metal — ed.)”, — analysts believe ICBC Standard Bank, an opinion which leads edition of the Wall Street Journal.