Copper Dragged Down by Fed’s Expected Announcement

Recent upbeat data on the U.S. housing sector failed to significantly boost copper prices December 18. Investors are distracted by the U.S. Federal Reserve’s meeting ending today and an announcement expected later regarding its stimulus program, The Wall Street Journal reported.

Copper prices on the London Metal Exchange dropped $34.77 to $7,243.25 a tonne, Reuters reported.

On the Comex in New York, copper futures for March delivery shed $0.05 to $3.12 a pound, according to the WSJ. The Commerce Department reported today that new-home construction reached its highest level of activity in nearly six years. The construction industry is a major consumer of copper in the United States.