• LME Market Report – General decline in base metals, dollar gains triggered profit-taking sells London Metal Exchange (LME) base metals generally fell on Tuesday, traders said that a stronger US dollar triggered profit-taking sales. The dollar against the euro and Day two rose in circles because investors were locked in profits against other currencies before the Federal Reserve Board (FED) expected to announce its fifth interest rate increase this year. One trader said, "The dollar opened lower and encouraged some Copper short covering was buying; but as the dollar rose, metal prices turned lower. "The Fed is expected to announce a rate hike of 25 basis points. This will make US interest rates higher than the current 2% euro area rate for the first time since early 2001. The FED interest rate statement will be announced in 1915GMT. The late morning session of the New York foreign exchange market, the euro/dollar reported at $1.3272, fell 0.3% on that day and hit a record high of $1.3470 at the beginning of last week. The three-month copper closed at $2,968 per ton, compared with Monday's The transaction closed down $2. The spot/three-month inverse spread widened to $130/135, compared with less than $100 last week. The spot/front-back spread was $58, and closed at $53 on Monday. An analyst said, " After entering the New Year, the price is reversed It may ease, and the price may weaken again, but this will largely depend on the trend of the dollar." Three-month aluminum closed down $17 at $1,795. Analysts pointed out that aluminum needs to break through the resistance at 1,820/30. In order to extend the recent upward trend, zinc fell by US$9 to 1,154, while lead lost US$7 to US$930, while tin fell from US$8,850 to US$8,780. Nickel fell by US$75 to 12,900.
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