Three-month copper and aluminium prices edged slightly higher, consolidating at current levels. Nickel performed strongly this morning, up $125 per tonne, as zinc and lead also gained.
The announcement this week of a 25 basis points increase in the Federal Funds rate was a move markets had largely priced in. The Fed also announced details of its plan to trim its balance sheet.
“Despite the dollar's reaction to the FOMC [US Federal Open Market Committee] statement, the market still prices just under a 50% chance of another rate increase by December […],” NAB Market Research said on Friday.
Market participants will now await the...