Base metals prices on the Shanghai Futures Exchange were all down during the morning trading session on Thursday October 31 despite the US Federal Reserve's decision on Wednesday to cut interest rates for a third consecutive time.
As expected, the US central bank lowered the policy interest rate by 25 basis points to a target range of 1.5-1.75% at the Federal Open Market Committee's (FOMC) October meeting on Wednesday, marking the third straight cut."The cut was in line with market expectations. Eyes are now on signs of the bank's next steps amid economic growth worries," a macroeconomic analyst based in Shanghai said.The FOMC removed a key clause that had appeared in post-meeting statements since June saying it was committed to "act as appropriate to sustain the expansion." This was replaced by a more muted commitment to "monitor the...