As expected there was no rate move from the Fed last night, however there were hints that a hike could still happen before year end. This buoyed the USD but weighed on gold and put Asian equities under pressure overnight with western markets easing back this morning. As a result and with no other news to influence them, LME prices also fell although turnover remained low.
Zinc traded back towards 1700 which is where the market was pre the Glencore cut back announcement and copper found support again around 5130. Ali traded within yesterday’s range but lead lost ground through 1728 to 1711 and looks likely to test 1700 support area. 5pm closes were all down on the day.
From the US, Q3 GPD was more-or-less in line with forecasts at +1.50% but was at a slower pace of growth than in Q2. Weekly jobless claims were +1000. In other news – China abolished its 1 child policy allowing couples to have 2 children.