Stimulus Uncertainty Brings Copper Down

CNBC reported that New York copper futures are down from last week due to uncertainty about whether central banks will provide stimulus. Friday’s speech from Federal Reserve Chairman Ben Bernanke may provide some clarity.

As quoted in the market news:

COMEX copper for September delivery ended down 0.70 cent at $3.4765 per lb after failing to sustain early gains through the 100-day moving average above $3.49. The session range was $3.4630 to $3.5060.

With the London Metal Exchange (LME) closed for a bank holiday in the UK, COMEX volumes pushed above 51,500 lots in late New York trade — more than 15 percent above the 30-day average, according to preliminary Thomson Reuters data.

The New York session failed to build on overnight gains in Asia where the prospect of more Chinese stimulus action helped lift the most-active December copper contract on the Shanghai Futures Exchange by 0.4 percent to 55,840 yuan ($8,800) per tonne.

Click here to read the full CNBC report.