Investing.com - Copper futures declined on Tuesday, giving back some of their gains from the previous day as the U.S. dollar moved higher. On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.239 a pound during European morning trade, down 0.65%. Copper prices fell to a session low of USD3.237 a pound earlier, the weakest level since November 8. The December contract settled 0.17% higher on Monday to end at USD3.259 a pound. Copper prices were likely to find support at USD3.225 a pound, the low from November 8 and resistance at USD3.275 a pound, the high from November 11. Demand for the U.S. dollar continued to be underpinned amid speculation the Federal Reserve will begin tapering its asset purchase program at its December policy meeting. The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.35% to trade at 81.45. A stronger dollar reduces demand for raw materials as an alternative investment and makes dollar-priced commodities more expensive for holders of other currencies. 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. Market players looked ahead to the outcome of a four-day meeting of China’s top Communist Party officials later in the day, amid expectations that the country’s new government will unveil economic reforms. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Elsewhere on the Comex, gold for December delivery shed 0.05% to trade at USD1,280.70 a troy ounce, while silver for December delivery declined 0.55% to trade at USD21.16 a troy ounce.

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