This morning in metals news, the Federal Reserve is expected today to cut interest rates once again, the LME copper price dropped ahead of the Fed’s decision and Steel Authority of India Ltd. (SAIL) shares rose Tuesday.
Federal Reserve Expected to Make Interest Rate Cut
The Federal Reserve is expected to cut interest rates again later today, CNBC reported.
If the cut comes to fruition, it would mark just the second interest rate cut since the Great Recession.
London Copper Falls
Ahead of the Fed’s decision today, copper on the LME dropped, Reuters reported.
LME three-month copper slipped 0.1% to $5,816.50 per ton, Reuters reported, while the most-traded SHFE copper contract dropped 0.2% to 47,310 yuan per ton ($6,673.63 per ton).
SAIL Shares Rise
Shares of Steel Authority of India Ltd. (SAIL) rose on Tuesday to a four-month intraday high, Bloomberg reported.
The rise came on the heels of the Indian government’s decision to allow the state-run producer to sell 70 million tons of iron ore from its captive mines, according to Bloomberg.