Investing.com - Copper prices swung between small gains and
losses on Wednesday, as investors nervously awaited the conclusion
of the Federal Reserve's policy meeting later in the day as well as
the release of key U.S. economic data.
On the Comex division of the New York Mercantile Exchange,
copper for July delivery held in a range between $3.063 a pound and
$3.079 a pound.
Copper last traded at $3.077 a pound during European morning
hours, up 0.14%, or 0.4 cents. Prices fell 0.65%, or 2.0 cents, on
Tuesday to settle at $3.073 a pound.
Futures were likely to find support at $3.035 a pound, the low
from April 24 and resistance at $3.098 a pound, the high from April
Market players prepared for the outcome of the Fed's policy
meeting later in the day, amid expectations for another $10 billion
reduction in the central bank's now $65-billion-a-month stimulus
Key U.S. economic data will also be in focus. The U.S. is to
release preliminary data on first quarter GDP, as well as the ADP
report on private sector job creation. The U.S. is also to release
data on manufacturing activity in the Chicago region.
Market players were also focusing on China's official
manufacturing purchasing managers' index, due on Thursday, which is
expected to rise to 50.5 for April from 50.3 for March.
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 June delivery fell 0.46%, or
$6.00, to trade at $1,290.30 a troy ounce, while silver for July
delivery dropped 0.97%, or 19.0 cents, to trade at $19.34 an
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new
Investing.com Stocks & Forex App