IV:Copper futures waver as investors await U.S. jobs data
Investing.com - Copper futures swung between small gains and losses in cautious trade on Tuesday, as investors awaited U.S. employment data later in the day for an indication on how soon the Federal Reserve may start to reduce its stimulus program.
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.300 a pound during European morning trade, down 0.1%.
Copper prices traded in a range between USD3.296 a pound, the daily low and a session high of USD3.310 a pound. The December contract settled 0.14% higher at USD3.303 a pound on Monday.
Copper prices were likely to find support at USD3.271 a pound, the low from October 17 and resistance at USD3.325 a pound, the high from October 16.
The delayed September nonfarm payrolls report, which had been originally scheduled for release on October 4, will be published later Tuesday.
The data was expected to show the U.S. economy added 180,000 jobs in September ahead of the U.S. government shutdown.
There are growing expectations in the market that the Fed will delay tapering its stimulus program until next year amid concerns over the impact of the 16-day U.S. government shutdown on the economic recovery.
The central bank is scheduled to meet October 29-30 to review the economy and assess policy.
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 dipped 0.35% to trade at USD1,311.30 a troy ounce, while silver for December delivery dropped 1% to trade at USD22.05 a troy ounce.
