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Shanghai copper prices climb 0.7% after Fed meeting

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Shanghai Futures Exchange copper prices inched up by 0.7% on Thursday April 26 on an improved policy outlook from the US Federal Reserve.

SHFE August copper settled at 57,960 yuan ($9,171) per tonne, up 400 yuan from last session.

The Federal Reserve said after its Wednesday meeting that it expected to maintain "a highly accommodative stance" for monetary policy to support a stronger economic recovery.

The committee also decided to continue its program to extend the average maturity of its holdings of securities as announced in September.

Although the comments provided a limited boost to market confidence as they had been long anticipated.

"The Fed's statement is almost in line with market expectations, and has therefore been largely priced in," Yue Yang, analyst of Xinhu Futures in Chengdu said.

China demand is expected to remain slow, thus curbing any gains in metal prices later on, another analyst said.

"Our recent survey shows that local copper cable producers are not in a good situation, some of them have even seen orders decreasing by up to 35% year-on-year," another analyst said.

On the Changjiang Nonferrous market, copper traded between 57,750-57,800 yuan per tonne, up 165 yuan from Wednesday.

"Many are still on the sidelines, as downstream demand is still ailing and buyers are still hesitant," Xu Yongqi, an analyst with Everbright Futures said from Shanghai.

Analysts now expect August copper to trade between 56,000 yuan per tonne and 58,000 yuan per tonne.

July aluminium settled at 16,155 yuan per tonne, unchanged from last session. Its spot price rose 50 yuan to 16,040-16,080 yuan per tonne.

June lead settled at 15,765 yuan per tonne, up 25 yuan from the previous session. Its spot price stood at 15,600-15,750 yuan per tonnes, down from 15,990-16,030 yuan per tonne on Wednesday.

July zinc settled at 15,540 yuan per tonne, up 0.3% from Wednesday's settle. Its spot prices widened to 15,350 - 15,400 yuan per tonne from 15,300-15,400 yuan per tonne previously.


Shanghai Futures Exchange copper prices inched up by 0.7% on Thursday April 26 on an improved policy outlook from the US Federal Reserve.

SHFE August copper settled at 57,960 yuan ($9,171) per tonne, up 400 yuan from last session.

The Federal Reserve said after its Wednesday meeting that it expected to maintain "a highly accommodative stance" for monetary policy to support a stronger economic recovery.

The committee also decided to continue its program to extend the average maturity of its holdings of securities as announced in September.

Although the comments provided a limited boost to market confidence as they had been long anticipated.

"The Fed's statement is almost in line with market expectations, and has therefore been largely priced in," Yue Yang, analyst of Xinhu Futures in Chengdu said.

China demand is expected to remain slow, thus curbing any gains in metal prices later on, another analyst said.

"Our recent survey shows that local copper cable producers are not in a good situation, some of them have even seen orders decreasing by up to 35% year-on-year," another analyst said.

On the Changjiang Nonferrous market, copper traded between 57,750-57,800 yuan per tonne, up 165 yuan from Wednesday.

"Many are still on the sidelines, as downstream demand is still ailing and buyers are still hesitant," Xu Yongqi, an analyst with Everbright Futures said from Shanghai.

Analysts now expect August copper to trade between 56,000 yuan per tonne and 58,000 yuan per tonne.

July aluminium settled at 16,155 yuan per tonne, unchanged from last session. Its spot price rose 50 yuan to 16,040-16,080 yuan per tonne.

June lead settled at 15,765 yuan per tonne, up 25 yuan from the previous session. Its spot price stood at 15,600-15,750 yuan per tonnes, down from 15,990-16,030 yuan per tonne on Wednesday.

July zinc settled at 15,540 yuan per tonne, up 0.3% from Wednesday's settle. Its spot prices widened to 15,350 - 15,400 yuan per tonne from 15,300-15,400 yuan per tonne previously.



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