LME base metal prices dip with market looking to US FOMC meeting on Wednesday

Base metals prices on the London Metal Exchange fell marginally across the board at the close of trading on Tuesday November 2, with macroeconomic forces driving the price movements.

The market was awaiting results of the United States Federal Market Open Committee meeting on November 3.

The three-month copper price fell by 0.6% to $9,495.50 per tonne, from $9,555 per tonne at Monday’s close. Volumes traded remained steady at 11,516 lots, but LME warehouse stocks continued to fall, with 7,375 tonnes booked out of the exchange’s warehouses.

“Volumes are low while traders wait for a move from the [US Federal Reserve Bank], with...

Published

Callum Perry

November 02, 2021

18:10 GMT

London