METALS-Base metals fall on as dollar firms after Fed's bumper rate cut
BY Reuters | ECONOMIC | 09/18/24 10:10 PM EDTBEIJING, Sept 19 (Reuters) - Prices of most base metals trended lower on Thursday, weighed down by a stronger U.S. dollar after the Federal Reserve unveiled its oversized interest rate cut that had been largely priced in by markets.
Three-month copper on the London Metal Exchange slid 0.9% to $9,319.50 per metric ton by 0145 GMT, reversing gains in the previous session.
The most-traded October copper contract on the Shanghai Futures Exchange was little mvoed at 74,480 yuan ($10,479.07) a ton.
The U.S. central bank on Wednesday kicked off its monetary easing cycle with a larger-than-usual half-percentage-point reduction that Chair Jerome Powell said was meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation has eased.
U.S. dollar rose broadly on Thursday, recovering from an earlier tumble in the immediate aftermath of the Fed's decision.
LME aluminium lost 1.2% to $2,506 a ton, zinc slid 1.1% to $2,507.50, nickel was down 0.8% at $16,110, lead shed 0.4% to $2,030 and tin declined 1.5% to $31,125.
SHFE aluminium slipped 0.4% to 19,805 yuan a ton, nickel edged 0.2% lower to 123,670 yuan, zinc dipped 0.6% to 23,755 yuan, lead declined 0.9% to 16,300 yuan and tin dropped 1% to 252,910 yuan.
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($1 = 7.1075 Chinese yuan renminbi) (Reporting by Siyi Liu and Colleen Howe; Editing by Rashmi Aich)