MARKET OVERVIEW - Base metals show mixed performance ahead of the Fed's interest rate decision

In the Forex market, base metal prices fluctuated ahead of the US Federal Reserve's interest rate decision, while lead rose due to tight supply in China.

On the London Metal Exchange (LME), three-month copper traded at $8,970.5 per ton, down 0.2% at 06:56 GMT. The January copper futures contract on the Shanghai Futures Exchange (SHFE) fell by 0.8% to 73,970 yuan per ton ($10,153.74) at the close of the Asian morning session.

As investors await a possible hawkish interest rate cut decision from the Fed ahead of other central bank meetings this week, the US dollar remained steady against major currencies.

Lead on the SHFE rose by 0.5% to 17,585 yuan per ton, while lead on the LME increased by 0.3% to $1,991 per ton. According to the Shanghai Metals Market, recent frequent fog warnings have led secondary lead smelting plants producing recycled lead in China's Anhui, Shandong, and other regions to halt production, significantly tightening supply.

On the LME, aluminum fell by 0.6% to $2,527 per ton, tin rose by 0.3% to $29,145 per ton, nickel declined by 0.1% to $15,490 per ton, while zinc traded down by 0.8% at $3,010 per ton.

On the SHFE, aluminum dropped by 0.8% to 19,885 yuan per ton, tin decreased by 0.5% to 245,610 yuan per ton, nickel fell by 1.6% to 123,760 yuan per ton, and zinc was down by 1.3% to 25,315 yuan per ton.