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Copper prices were weighed down by the pending decision from the U.S. Federal Reserve regarding the curbing of debt purchases.
Copper prices were weighed down by the pending decision from the U.S. Federal Reserve regarding the curbing of debt purchases. On the London Metal Exchange, benchmark three-month copper prices fell $111.58 to $6,974 per metric ton. Reuters reported this is the lowest price for the metal seen in a week and a half.
On the Comex in New York, prices for September delivery slid $0.054 to $3.156 a pound.
The Federal Open Market Committee is scheduled to begin today, and, as the U.S. economy continues to recover and the housing market bounces back, it is expected that the Fed will curb its stimulus plan. Currently, the central bank is buying $85 billion of debt per month in an attempt to stimulate the economy.
