Fed Rate Decision Fails to Lift Copper Amid Middle East Tensions

Copper prices slipped on Wednesday as investors remained cautious ahead of the Federal Reserve's interest rate decision, while aluminium rose due to renewed tensions in the Middle East.

The three-month copper contract on the London Metal Exchange fell by 0.4% to $13,631 a metric ton, but held above its 50-day moving average at $13,576, providing support.

Meanwhile, aluminium prices rose 0.9% to $3,176 a ton as investors worried about metal supplies from the Gulf region and drove up oil prices sharply.