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Shanghai Futures Exchange copper rose 0.8 percent on Thursday after the US Federal Reserve signalled a slower pace of rate rises this year, which weighed on the dollar. "Post the FED rate hike and forward guidance on an additional two hikes, the market found reason to re-assert the bearish USD theme and this in turn has boosted the USD denominated commodities markets," said Marex Spectron in a report.
"The positive short-term technical picture across the LME complex combined with the USD weakness should inspire further short-covering today with room to run on some of these metals given their positioning." Shfe aluminium however was flirting with its weakest levels in 14 months, around 13,820 yuan, with more China production expected to come on stream in coming weeks after the expiration of the country's winter pollution controls.
Shfe lead rallied more than 3 percent, partly due to a technical breakout based on gains in sister-metal zinc, where available exchange-based inventories have dwindled. The US Federal Reserve raised interest rates on Wednesday and forecast two more hikes for 2018 in its first policy meeting under new Fed Chairman Jerome Powell.

Copyright Reuters, 2018

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