BEIJING- Prices of most base metals rose on Thursday, amid upbeat sentiment as investors eyed interest rate cuts by the US central bank this year.
Three-month copper on the London Metal Exchange (LME) was up 1.3 percent to $9,044.50 per metric ton, while the most-traded May copper contract on the Shanghai Futures Exchange (SHFE) climbed 0.5 percent to 73,010 yuan ($10,145) per ton.
The Federal Reserve held interest rates steady on Wednesday but still saw the rates falling at least three-quarters of a percentage point later this year despite recent high inflation readings.
That brightened the demand outlook for industrial metals.
The dollar index drifted lower on Thursday, making it cheaper to buy the greenback-priced commodity.
LME aluminum was up 0.9 percent to $2,292.50 a ton, nickel increased 0.9 percent to $17,655, zinc rose 1.1 percent to $2,537, and lead gained 0.7 percent to $2,078.50, while tin increased 2.1 percent to $27,795.
