Investing.com - Copper futures traded at a three-month low on Thursday, ahead of the confirmation hearing for Federal Reserve chair nominee Janet Yellen. On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.159 a pound during European morning trade, little changed. Comex copper prices traded in a range between USD3.154 a pound, the daily low and a session high of USD3.183 a pound. The December contract tumbled to USD3.152 a pound on Wednesday, the lowest since August 7, before settling 2.3% lower at USD3.159 a pound. Copper prices were likely to find support at USD3.129 a pound, the low from August 7 and resistance at USD3.222 a pound, the high from November 13. Wednesday’s losses came after a top-level Communist Party meeting disappointed investors and amid growing speculation the Federal Reserve will begin tapering its asset purchase program at its December policy meeting. Investors now looked ahead a Senate hearing later in the day to confirm Janet Yellen as the first chairwoman of the Federal Reserve, for indications on the future course of U.S. monetary policy. In a statement released late Wednesday, Yellen said the job market and economy are "performing far short of their potential" and there is "more work to do" on recovery. The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar. Elsewhere on the Comex, gold for December delivery rallied 1.15% to trade at USD1,283.10 a troy ounce, while silver for December delivery jumped 1.5% to trade at USD20.75 a troy ounce.

Source