Shutterstock photo
Markets

Copper futures edge lower ahead of central bank meetings

Shutterstock photo

Shutterstock photo

Investing.com - Copper futures edged lower during European morning hours on Wednesday, as investors eyed policy meetings by a number of major central banks around the world on Thursday and Friday's U.S. data on nonfarm payrolls.

On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.508 a pound during European morning trade, down 0.2% on the day.

New York-traded copper prices held in a trading range between USD3.505 a pound, the daily low and a session high of USD3.541 a pound.

Market sentiment was supported by prospects for ongoing monetary easing by the Federal Reserve and the Bank of Japan.

Copper traders were also eyeing policy meetings by the European Central Bank and the Bank of England on Thursday, as well as Friday's closely-watched data on U.S. nonfarm payrolls.

Meanwhile, investors continued to eye political developments in Italy, amid the growing likelihood of fresh elections as hopes for a coalition government faded.

In fundamental news, Li Baomin, Chairman of China's bigger copper producer Jiangxi Copper, said earlier that Chinese demand for the industrial metal will increase this year amid rising urbanization in the world's second-largest economy.

China is the world's largest copper consumer, accounting for almost 40% of world consumption last year.

Elsewhere on the Comex, gold for April delivery was little changed to trade at USD1,575.20 a troy ounce, while silver for May delivery added 0.2% to trade at USD28.66 a troy ounce.

Investing.com - Investing.com 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.

Read more News on Investing.com or Follow us on Twitter at @ Newsinvesting

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx