Investing.com - Copper futures were lower on Wednesday, one day after rallying on news that China's central bank was providing fresh stimulus to jump-start its economy.
On the Comex division of the New York Mercantile Exchange, copper for December delivery lost 2.1 cents, or 0.66%, to trade at $3.145 a pound during European morning hours.
Prices traded in a narrow range between $3.142 and $3.173 a pound. Futures were likely to find support at $3.065, the low from September 15 and resistance at $3.212, the high from September 16.
A day earlier, copper futures jumped 8.0 cents, or 2.61%, to settle at $3.166 on reports that the People's Bank of China injected $82 billion into the country's largest banks to counter a slowdown in the world's second largest economy amid sluggish foreign direct investment and industrial output in August.
China is the world's largest copper consumer, accounting for nearly 40% of global demand.
Investors awaited the conclusion of a highly anticipated Federal Reserve meeting later in the day amid speculation the U.S. central bank could adopt more hawkish language.
The dollar remained well bid as the Fed was expected to cut its asset purchase program by another $10 billion, which would keep it on track for winding up the program in October, and to start raising interest rates sometime in mid-2015.
Market participants will also pay close attention to a press conference with Fed Chair Janet Yellen shortly after the decision for further clues on the timing of the first U.S. rate hike since 2006.
Elsewhere on the Comex, gold for December delivery added $1.00, or 0.08%, to trade at $1,237.70 a troy ounce, while silver for December delivery shed 3.9 cents, or 0.21%, to trade at $18.68 an ounce.