SHANGHAI, Oct. 21 (SMM) – Base metal price volatility will rise today. The OPEC meeting held today will unlikely give any direction to the market. OPEC members seem to have no plans for output cut. API crude oil inventories in the US last week grew further, overshadowing oil prices today.
It remains uncertain whether the Fed will raise interest rate later this year as Fed Chair Janet Yellen’s statement overnight shed no light on hints of this issue. Market expectations that European Central Bank will accelerate quantitative easing will also weigh on the US dollar.