METALS-Copper struggles for clear direction as Fed decision, Trump-Xi meeting loom

Oct 29 (Reuters) - Copper prices were little changed on Wednesday, as investors awaited the Federal Reserve's rate decision and cues from a planned meeting between U.S. President Donald Trump and Chinese leader Xi Jinping.

Three-month copper on the London Metal Exchange CMCU3 eased 0.41% to $10,993 per metric ton by 0241 GMT, while the most-traded copper contract on the Shanghai Futures Exchange SCFcv1 edged up 0.07% to 87,750 yuan ($12,319.25) a ton.

Investors are closely monitoring the Fed's upcoming rate decision, with a 25-basis-point cut largely priced in, while attention is also on a potential Trump-Xi meeting on Thursday.

Copper has been supported by renewed supply-side issues in recent months, while the demand outlook has brightened in Europe on higher car sales, said analysts from ANZ.

On the supply front, global miner Anglo American AAL.L posted a 9% drop in copper production in the first nine months of the year, falling to 526,000 tons from 575,000 tons in 2024.

Still, the company expects to produce 690,000 tons to 750,000 tons of copper in 2025.

Elsewhere, major Peru copper producer Southern Copper announced that its $1.8 billion Tia Maria mine project is 23% complete, maintaining its 2027 target start date for production.

The project is expected to produce 120,000 metric tons of copper cathodes annually.

Copper stocks at LME-registered warehouses MCUSTX-TOTAL stood at 134,575 tons, the lowest since late July.

Among other London metals, aluminium CMAL3 was unchanged at $2,889 a ton, nickel CMNI3 fell 0.33% to $15,245, lead CMPB3 dipped 0.27% to $2,020.5, tin CMSN3 lost 0.42% to $36,210, and zinc CMZN3 was down 0.18% to $3,052.5.

SHFE aluminium SAFcv1 increased 0.02% to 21,225 yuan, tin SSNcv1 rose 0.27% to 285,630 yuan, and zinc SZNcv1 edged up 0.04% to 22,380 yuan, while nickel SNIcv1 dipped 0.36% to 120,690 yuan, and lead SPBcv1 eased 0.46% to 17,345 yuan.

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DATA/EVENTS (GMT)
No data/events expected for Wednesday, October 29

($1 = 7.1230 Chinese yuan)

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