HANOI- Prices of most nonferrous metals fell in London on Wednesday amid caution ahead of an interest rate decision by the US Federal Reserve.
Three-month copper on the London Metal Exchange fell 0.6 percent to $9,314 per metric ton, while the most-traded October copper contract on the Shanghai Futures Exchange rose 0.3 percent to 74,340 yuan ($10,476.32) a ton.
The Fed is expected to lower interest rates for the first time in more than four years later in the day.
A rate cut often helps to boost economic growth and metals demand, as well as pressuring the dollar.
However, US retail sales unexpectedly rose in August, suggesting that the economy remained on a solid footing through much of the third quarter.
“This lessens the need for an aggressive rate cut by the Fed,” ANZ analysts said in a note.
“The market is also on edge as it awaits a response from Beijing following another month of poor economic data.”
Chinese President Xi Jinping last week urged authorities to strive to achieve the country’s annual economic goals, leading to expectations that more stimulus measures will be released to bolster a flagging economic recovery.
LME aluminum fell 1.2 percent to $2,494 a ton, nickel declined 0.8 percent to $16,065, zinc dropped 1.5 percent to $2,881.50, lead decreased 0.8 percent to $2,002, and tin dropped 1.6 percent to $31,350.
