Copper Down Slightly Ahead of Fed Meeting

Three-month copper on the London Metals Exchange was lower on Tuesday, shedding $27.78 to $7,171.72 per tonne on Tuesday, according to Metal Bulletin.

Copper for March delivery on New York’s Comex was up 0.1 percent to $3.2635 a pound on Tuesday. This slight gain marks the end of a losing streak that lasted the four previous sessions after the release of Chinese manufacturing data showed contracted growth. Monday saw the release of data that showed slowed momentum in the U.S. housing manufacturing sector, which also caused worries in the market. The small movement of copper in the U.S. today also reflected tentative investment prior to the U.S. Federal Reserve’s meeting over the next two days.