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Copper futures decline ahead of U.S. data, Fed outcome

CommoditiesJul 30, 2014 04:45AM ET
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Copper moves lower ahead of U.S. GDP, ADP data; Fed outcome eyed - Copper futures edged lower on Wednesday, as investors looked ahead to the release of preliminary data on U.S. second quarter growth and the Federal Reserve’s latest rate statement, both due later in the session.

On the Comex division of the New York Mercantile Exchange, copper for September delivery eased down 0.27%, or 0.9 cents, to trade at $3.210 a pound during European morning hours.

Prices held in a tight range between $3.205 and $3.222 a pound. Copper ended Tuesday’s session down 0.76%, or 2.4 cents, to settle at $3.219 a pound.

Futures were likely to find support at $3.193, the low from July 23 and resistance at $3.254, the high from July 29.

The Commerce Department is expected to report that the U.S. economy grew at a 3% annual pace in the second quarter, after contracting 2.9% in the previous quarter.

Traders also looked ahead to the Fed’s monetary policy statement due later Wednesday. The central bank is likely to stick to its timetable to taper its monthly bond purchases by another $10 billion to a total of $25 billion a month.

Earlier this month Fed Chair Janet Yellen said that rates could rise sooner if the recovery in the labor market continued.

Elsewhere on the Comex, gold for December delivery tacked on 0.03%, or 40 cents, to trade at $1,300.90 a troy ounce, while silver for September delivery picked up 0.29%, or 5.9 cents, to trade at $20.64 an ounce.

Gold remained supported as tensions between Russia and the West over the situation in Ukraine remained high, while fighting between Israel and Hamas militants in Gaza also remained in focus.

On Tuesday, the European Union and the U.S. imposed further sanctions against Russia over Moscow's support for separatist rebels in eastern Ukraine.

The precious metal is often seen as a haven investment in times of geopolitical uncertainty.

Copper futures decline ahead of U.S. data, Fed outcome

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