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Copper steady in cautious trade ahead of ECB rate call

Published 02/07/2013, 05:03 AM
Updated 02/07/2013, 05:03 AM

Investing.com - Copper futures were little changed near a one-week low during European morning hours on Thursday, as sentiment remained cautious ahead of the European Central Bank's policy meeting later in the day.

On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.739 a pound during European morning trade, down 0.1% on the day.

New York-traded copper prices traded in between a range of USD3.734 a pound, the daily low and a session high of USD3.753 a pound. Copper futures fell to a one-week low of USD3.732 a pound on Wednesday.

Sentiment remained cautious as investors looked ahead to the outcome of Thursday’s European Central Bank policy meeting.

The ECB was widely expected to keep rates unchanged at 0.75%, while a post-policy meeting press conference by President Mario Draghi would be closely watched for indications on the future direction of monetary policy.

Copper traders were also anticipating China's trade numbers due out on Friday for more clues on the health of the world’s largest copper consumer.

Weakness in the U.S. dollar lent support to prices. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.2% to trade at 79.65.

A weaker dollar boosts demand for raw materials as an alternative investment and makes dollar-priced commodities cheaper for holders of other currencies.

Elsewhere on the Comex, gold for April delivery dipped 0.1% to trade at USD1,676.55 a troy ounce, while silver for March delivery fell 0.35% to trade at USD31.77 a troy ounce.

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