Investing.com - Copper futures were lower on Monday, as
investors looked ahead to Wednesday's Federal Reserve minutes for
further hints regarding the central bank's monetary policy.
On the Comex division of the New York Mercantile Exchange, copper
futures for July delivery traded at USD3.292 a pound during
European morning trade, down 0.9% on the day.
New York-traded copper prices fell by as much as 1.5% earlier in
the session to hit a daily low of USD3.273 a pound.
Copper prices have been weighed in recent sessions amid
expectations the Fed will wind down its stimulus program, citing
indications of an improving U.S. economic outlook.
Data on Friday showed that U.S. consumer sentiment rose more than
expected in May, climbing to an almost six year high.
The University of Michigan said its consumer sentiment index jumped
to 83.7 in May, its highest level since 2007, from 76.4 in the
preceding month, outstripping expectations for a reading of 78.0.
A separate report by the Conference Board showed that its index of
leading economic indicators rose 0.6% in April, more than double
the 0.2% increase expected by economists.
Copper traders are now looking ahead to Wednesday's Federal Reserve
minutes, as well as testimony on the economic outlook and monetary
policy by Fed Chairman Ben Bernanke.
The U.S. is second behind China in global copper demand.
Elsewhere on the Comex, gold for June delivery fell 1% to trade at
USD1,351.05 a troy ounce, while silver for July delivery plunged
3.8% to trade at USD21.50 a troy ounce.
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