London 22/09/2016 - Base metals ended Thursday LME trading in positive territory - most hit multi-week highs today thanks to a weaker dollar after the US Federal Open Committee (FOMC) stood pat.
The FOMC kept interest rates at 0.25-0.5 percent on Wednesday as widely expected but laid down the groundwork for an increase in the coming months. The vote for a September was spilt, however. Three members of the policy board - Esther George, Loretta Mester and Eric Rosengren - dissented, preferring to raise rates now. This is an unusually large number.
Federal Reserve chair Janet Yellen at a post-meeting press conference acknowledged the stronger case for a rate rise but said that it was reasonable to wait to see more progress towards its objectives.
Currently, only 14.5 percent of market participants foresee a rate increase at the FOMC's November meeting, while the majority - almost 60 percent - anticipate the Fed moving in December, according to the CME Group FedWatch tool.
In today's US data, unemployment claims were a better-than-expected 252,000 as was the HPI at 0.5 percent. But existing home sales and the CB leading index both undershot at 5.33 and -0.2 percent respectively.
The dollar index was last weaker a 95.24.
In the metals, copper climbed to its highest since August 12 - it concluded at $4,855 per tonne, up $92 on Wednesday's close, More than 20,000 lots changed hands on Select. Warehouse stocks declined a net 1,750 tonnes to 346,050 tonnes.
Aluminium at $1,633 was up $49 and its highest since August 31; inventories declined 8,150 tonnes to 2,153,425 tonnes, the lowest since December 2008.
Nickel was the outperformer today on news that the Philippines said it would suspend 10 more mines on environmental grounds. It concluded at $10,660, up $310 and its strongest since August 12.
Inventories climbed 120 tonnes but this was from the lowest since October 2014 - they stand at 364,902 tonnes.
In others, zinc was last at $2,294/2,295, up $21. Stocks fell 300 tonnes to 443,850 tonnes. Lead at $1,949 was $13.50 higher; stocks fell 200 tonnes from what had been the highest since March to 191,025 tonnes.
Tin at $19,485/19,490 was up $185; inventories were unchanged at 3,475 tonnes. Steel billet was last indicated at $300/325 and cobalt and molybdenum at $26,500/27,000 and $14,650/15,150 respectively.
(Additional reporting by Martin Hayes, editing by Mark Shaw)