SINGAPORE: London copper prices edged higher on Wednesday, in positive territory for the second session, ahead of US Federal Open Market Committee's decision on interest rates.
Investors are awaiting the Fed's update to its policy plan, likely fleshing out timing on expected rate hikes and dwindling of its massive balance sheet.
Asian stock markets got off to a cautious start on Wednesday, after another volatile Wall Street session, as investors braced for the outcome of the Fed meeting.
LME copper may test support at $9,798 this week
Three-month copper on the London Metal Exchange added 0.6% to $9,859.5 a tonne by 0702 GMT and the most-traded copper contract on the Shanghai Futures Exchange finished up 1.3% to 70,730 yuan ($11,192.16) a tonne.
Aluminium rose on worries over supply from major producer Russia because of the Ukraine crisis.
Russia's Rusal is one of the world's biggest producers of aluminium and prices rocketed in 2018 to seven-year highs when the United States imposed sanctions on the company.
Russia said on Tuesday that it was watching with great concern after the United States put 8,500 troops on alert to be ready to deploy to Europe in case of an escalation in the Ukraine crisis.
Three-month aluminium on the London Metal Exchange (LME) added 0.6% to $3,110 a tonne and Shanghai aluminium finished up 1.9% to 21,525 yuan a tonne.
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