Shanghai Futures Exchange copper rallied by 1.1 percent to 40,950 yuan ($6,430) a tonne on Wednesday, tracking a surge in China equities. "Our expectation is that the Fed is probably going to hold off until the end of the year to get a better read on how the economy is ticking over at the moment," said analyst James Glenn of National Australia Bank in Melbourne.
"If there is pressure on the USD in the near term that could help commodities a little, but it will probably be at the margin... more than likely you will see prices lower than where they are now, it's just a question of how long they'll stay there for." China stocks ended up sharply, helped by a spike in the final minutes of trade, a frequent phenomenon in mainland markets generally interpreted as government intervention to push up values before the closing bell. The Federal Reserve will begin its two-day policy meeting on Wednesday, with a statement expected on Thursday on whether it will raise rates for the first time in nearly a decade.
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