Beginning in January, the Fed will add to its holdings of agency mortgage-backed securities at a pace of $35 billion per month rather than $40 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $40 billion per month rather than $45 billion per month. In total, the central bank will buy $75 billion per month in bonds, down from $85 billion previously.

But the FOMC also released a quite dovish stance on future interest rates. The policy board expressed its intent to hold rates at near zero “well past the time that the unemployment rate declines below 6.5 percent, especially if projected inflation continues to run below the committee’s 2 percent longer-run goal.”

The reaction in financial markets to the news has been generally well behaved and tamed, with US equities rallying, while the non-ferrous metals appeared little bothered.

"US stock markets rallied after the Fed decision to taper, partly because it finally put to rest the whole year of guessing when the Fed will pull the trigger, and partly because the cut of US$10bn is seen as fairly modest, benign and a cautious approach,” said economists at United Overseas Bank.

In the metals, copper prices closed Wednesday down $5 just before the FOMC meeting at $7,270 per tonne, having hit an earlier session low of $7,221.25. Thursday trading saw copper reacting the most, falling $34 to the current $7,236 per tonne.

"Copper prices traditionally have a more speculative element to it compared to other metals, in fact there are short periods of time when in the lack of fundamental drivers copper trades in high correlation to gold, also a very speculative metal. As such, the slow withdrawal of liquidity hits copper more than other metals,” said analyst Joyce Liu from broker Phillip Futures.

Aluminium prices continue to bump around $1,800, closing just $1 higher at $1,798 and is still currently at $1,799. Stocks resumed their downtrend after yesterday's increase, falling 7,500 tonnes to 5,407,550 tonnes. Volumes were also light on Select, with just 8,000 lots traded on kerb close. Zinc concluded at $1,991, down $8.50 and currently treads at similar levels at $1992.50 per tonne.

Lead was $10 higher at the close at $2,183 after inventories fell for the 23rd day. However, post FOMC saw lead falling $12 to the current $2,171 per tonne.

Nickel prices ended $75 higher at $14,135 on Wednesday as stocks declined 106 tonnes from Tuesday's all-time high. The metal was still higher this morning, gaining $28 to the current bid at $14,163 per tonne.

Tin prices concluded at $22,910, a gain of $135 but has largely erased those gains Thursday morning with the current bid at $22,805, $105 lower than kerb close. Inventories were down 105 tonnes at 10,210 tonnes, the lowest since late-February 2012.