IV:Copper futures trade near 7-week low with Fed stimulus in focus
Investing.com - Copper futures came under pressure on Tuesday, trading near a seven-week low on concerns the Federal Reserve could taper down its bond purchases in the coming months.
On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded at USD3.170 a pound during European morning trade, down 0.85% on the day.
New York-traded copper prices fell by as much as 1% earlier in the session to hit a daily low of USD3.167 a pound.
Comex copper prices fell to a seven-week low of USD3.164 a pound on June 13.
The industrial metal has been on the decline in recent weeks amid lingering concerns over the global economic outlook, especially in top consumer China.
Investors remained cautious amid speculation over whether the Fed will begin to scale back its easing program after Chairman Ben Bernanke said last month the bank could begin to taper asset purchases if the economy continued to improve.
Attention will focus on Bernanke’s press conference on Wednesday, which investors are hoping will provide further clues on how long the central bank will maintain its USD85-billion-a-month in bond purchases.
Elsewhere on the Comex, gold for August delivery eased down 0.4% to trade at USD1,377.65 a troy ounce, while silver for July delivery dipped 0.25% to trade at USD21.70 a troy ounce.
