Shanghai Futures Exchange copper cut early losses to finish down by 1 percent, at 46,490 yuan ($6,735) a tonne on Wednesday. Shanghai aluminium was down 2.4 percent. Investors were waiting to see whether the Fed will signal any acceleration in the pace of future rate increases to deal with an expected ramp-up in fiscal spending under President-elect Donald Trump.
"Investors are likely to remain subdued as they await the FOMC (Federal Open Market Committee) meeting," ANZ said in a note. In upbeat demand signals from Asia, Chinese banks extended 794.6 billion yuan ($115.10 billion) in new yuan loans in November and look set to extend a record amount of credit this year as Beijing boosts the economy to meet growth targets despite worries about the risks of prolonged debt-fuelled stimulus. In other news, New Caledonia's nickel ore miners have applied to increase shipments to China after an environmental crackdown on Philippine mine supply this year caused prices to spike, four sources familiar with the matter said this week.
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