Investing.com - Copper futures edged lower on Tuesday, as investors awaited the release of the minutes of the Federal Reserve’s December meeting on Wednesday. On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.353 a pound during European morning trade, down 0.2%. Comex copper prices traded in a range between USD3.342 a pound and USD3.366 a pound. Prices of the industrial metal tumbled to USD3.330 a pound on Monday, the lowest since December 24, before turning 0.13% higher to settle at USD3.359 a pound. Copper prices were likely to find support at USD3.330 a pound, the previous session’s low and resistance at USD3.387 a pound, the high from January 3. Investors were turning their attention to Wednesday’s minutes of the Federal Reserve’s December meeting and Friday’s U.S. jobs report for December for further indications on the possible timing of reductions in Fed stimulus. The U.S. central bank will reduce its bond-buying program by USD10 billion a month starting in January. Some market participants believe the Fed will likely taper its bond purchases by USD10 billion in each of its next seven meetings before ending the program in December 2014, amid indications of an improving U.S. economy. The U.S. is second behind China in global copper demand. 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 February delivery dipped 0.1% to trade at USD1,237.00 a troy ounce, while silver for March delivery declined 0.3% to trade at USD20.04 a troy ounce.

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