Copper Slips on Fed Statement

Unlike gold and silver, copper prices fell today following the announcement about the U.S. central bank’s stimulus program from Federal Reserve Chairman Ben Bernanke. Three-month copper on the London Metal Exchange dropped $27.88 to $6,970 a tonne. This drop came after the metal climbed to $7,046 a tonne earlier on July 17, Reuters reported.

Bernanke said the central bank would begin scaling back its stimulus program. However, he added that if the U.S. economy does not improve, the program would likely continue – an announcement that caused the dollar to weaken and copper to fall.

Copper prices on the Comex also fell today. Copper futures for September delivery were down $0.025 to $3.1625 a pound, The Wall Street Journal reported.