Commodity Market: Metals hold steady post China's financial policy meeting

This meeting was attended by Chinese President Xi Jinping and Premier Li Qiang.

China plans to enhance the Communist Party's leadership over its $61 trillion finance industry and intensify measures to mitigate local debt risks, as stated in a significant financial policy meeting held on October 30-31, as reported by state media. This meeting was attended by Chinese President Xi Jinping, and Premier Li Qiang.

The Federal Reserve decided on November 1 to keep interest rates unchanged, faced with a challenge in assessing whether the current financial conditions are sufficiently restrictive to curb inflation. There was uncertainty over whether the strong-performing economy might require further measures to control inflation which has exceeded expectations.

Copper has had a firm start for November after recording a third monthly decline. With an increase of three percent this week, it has lodged a recovery - despite weak Chinese data.

With China's Southern Province (entirely dependent on hydropower) reeling under dry weather, production of aluminium is currently being curtailed. The metal is currently up 1.4 percent this week.

Zinc is currently witnessing a one-month high, up 0.7 percent, as Nyrstar is about to close two US-based Zinc mines.