Copper for December delivery on the Comex division of the New York Mercantile Exchange dipped 0.40 cents or 0.1% to $2.9655 per lb. Trading has ranged from $2.9635 to $2.9930.
“We remain bullish for copper’s fundamentals, but prices had started to look overstretched in the short term so some profit-taking seemed probable, which is now unfolding,” Metal Bulletin senior analyst William Adams said.
Market participants are awaiting the conclusion of the US Federal Open Market Committee’s September meeting later today with its economic projections, statement, rate decisions and press conference.
The policy board is not expected to raise rates, but after lifting the Fed funds rate twice already this year, there is a chance the Fed will raise interest rates one more time before the year concludes.
Meanwhile in precious metals, Comex gold for December settlement gained $5.0 or 0.4% to $1,315.60 per oz.
Currency moves and data releases
- The dollar index was recently down 0.07% to 91.76.
- In other commodities, the Texas light sweet crude oil spot price was up 0.63% to $50.53 per barrel.
- In data, US existing home sales for August disappointed with a 5.35 million reading, below the forecast of 5.46 million.