LME three-month base metals prices failed to make significant gains at the close on Tuesday July 28, stalling ahead of tomorrow's clarification on US fiscal stimulus measures.
The US Federal Reserve announced today that it had extended its existing lending facilities, from September 30 to December 31, to combat the economic fallout of the Covid-19 pandemic.But the market still remains hesitant ahead of further guidance from the Federal Open Markets Committee (FOMC), which is due to be released tomorrow. "All eyes are on the US FOMC and the guidance it will release tomorrow," Fastmarkets research analyst Andy Farida said. "Everyone has been sitting on their hands today, but we are not short of price shenanigans. It appears there are buyers attempting to trigger higher prices, but their failure [so far confirms] that the recent bullish run...