Aluminum Leads Drop in Metals on U.S. Budget, Stimulus Outlook
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Aluminum prices in London fell for the first time in a week, pacing losses among industrial metals, amid prospects for a U.S. budget accord and speculation that the Federal Reserve will scale back monetary stimulus.
A budget deal is on track for approval by Congress, ending a cycle of spending standoffs that culminated in the 16-day partial government shutdown in October. The Fed will probably start paring $85 billion in monthly bond purchases following a meeting next week, according to 34 percent of economists surveyed by Bloomberg on Dec. 6, up from 17 percent a month earlier.