Copper steady on weaker stocks

The price of copper eked out a small gain on Wednesday in London on the back of lower stocks and ahead of the release of the minutes from the last Federal Open Market Committee (FOMC).

Spot copper closed 0.07% higher at US$4,805/t (US$2.179/lb) on the London Metal Exchange from Tuesday's US$4,801.50/t, according to Chile's state copper commission Cochilco.

Copper inventories held in LME warehouses fell 0.43% to 347,850t from Tuesday, Cochilco said.

Meanwhile, the last FOMC minutes from the September meeting are expected for later in the day. Markets participants are likely to scrutinize them for any indications of a possible interest rate hike in the US.

Aluminum closed 0.7% higher on Wednesday at US$1,684/t, while lead was down 1.2% to US$2,041/t and nickel rose 1.5% to US$10,575/t. Zinc was 0.2% lower at US$2,260/t, tin was flat at US$20,000/t, and molybdenum was steady at US$15,500/t.