May 3 (Reuters) - Copper and other base metals dipped
during Asian trading on Wednesday, as investors were cautious
ahead of the U.S. Federal Reserve's interest rate decision and
on what policymakers might signal on future actions.
Three-month copper on the London Metal Exchange
(LME) was down 0.3% at $8,493 a tonne, as of 0455 GMT. It
touched a one-week high of $8,770.15 on Tuesday.
Trading volume, however, remained thin with the Shanghai
Futures Exchange shut for a national holiday. The Chinese bourse
will resume trading on Thursday.
Data on Tuesday showed U.S. job openings fell for a third
straight month in March and layoffs increased to the highest
level in more than two years, suggesting some softening in the
labour market that could aid the Fed's fight against inflation.
The Fed's rate decision will be announced at 1800 GMT, with
investors mostly expecting a 25 basis point hike and looking for
clues on its next steps. Worries about a patchy post-COVID economic recovery in top
metals consumer China, and U.S. debt ceiling and banking sector
risks also weighed on markets.
In other metals, LME zinc dropped 0.7% to $2,592.50
a tonne, aluminium lost 0.6% to $2,353, nickel fell 0.4% to $24,855, lead shed 1.2% to $2,147, while
tin gained 0.2% to $26,535.
For the top stories in metals and other news, click or (Reporting by Enrico Dela Cruz in Manila; editing by Uttaresh
Venkateshwaran)
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