Copper slumps 1% as investors await further clues on U.S. economy

A A A - 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. - offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
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This article appears in: Investing , Forex and Currencies

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