Copper Down on Federal Reserve Concerns

Reuters reported that copper dropped, largely due to US housing and consumer sentiment data that has left investors unconvinced that the Federal Reserve will announce further quantitative easing this Friday.

As quoted in the market news:

Fed Chairman Ben Bernanke is expected to keep markets guessing about the timing of another round of bond purchases when he speaks on Friday in Jackson Hole, but he is likely to sustain expectations for action of some kind next month.

“Everything is just wavering in and out … nothing is going to happen ahead of Jackson Hole. There’s just too much news that we’re waiting on,” said Zachary Oxman, managing director with TrendMax in Encinitas, California.

COMEX copper for September delivery fell 1.40 cents to settle at $3.4625 per lb, after dealing from $3.4425 and $3.4720.

Click here to read the full Reuters report.