Industrial metals were mixed ahead of the Federal Reserve’s policy update on monetary policy and as China’s annual parliament meeting finishes. Aluminum rose from its lowest in nearly a month as copper fell.
Aluminum, the light metal used to produce everything from aircraft to window frames, rose 0.2 percent to $1,523.5 a metric ton as of 9:31 a.m. in Shanghai. It fell to $1,520 at Tuesday’s close, the lowest level since Feb. 18. Nickel rose 0.6 percent.
Base metals fluctuated in past weeks as stimulus efforts from Japan and Europe received a mixed reception from financial markets. Investors are starting to hearken back to the global volatility that marked the start of the year’s trading. The Fed, which is expected to clarify where it stands on U.S. interest rates due later Wednesday, will be followed by a Bank of England review on Thursday. China’s National People’s Congress ends Wednesday.
Copper in London fell 0.3 percent. Morgan Stanley cut its average copper price estimate by 3 percent to $5,071 a ton for this year, citing the uncertain global macroeconomic environment. China’s policy easing in recent months has boosted industry confidence in copper, the investment bank said in an e-mailed note.
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