Copper futures fluctuate ahead of U.S. pending home sales data
Investing.com
Published Nov 25, 2013 05:19AM ET
On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.221 a pound during European morning trade, up 0.1%.
Comex copper prices traded in a range between USD3.206 a pound, the daily low and a session high of USD3.270 a pound.
The March contract settled 0.61% higher on Friday to end at USD3.218 a pound.
Copper prices were likely to find support at USD3.188 a pound, the low from November 22 and resistance at USD3.275 a pound, the high from November 11.
The U.S. was release data on pending home sales for October later in the day.
Market players have closely been looking out for U.S. data reports recently to gauge if they will strengthen or weaken the case for the Federal Reserve to scale back stimulus.
Minutes from the Fed’s October meeting published last week revealed that the central bank could start scaling back its USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.
The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.25% to trade at 80.89.
A stronger dollar reduces demand for raw materials as an alternative investment and makes dollar-priced commodities more expensive for holders of other currencies.
Elsewhere on the Comex, gold for February delivery fell 1% to trade at USD1,232.25 a troy ounce, the lowest since July 8, while silver for March delivery shed 0.7% to trade at USD19.76 a troy ounce, the weakest level since August 8.
The safe-haven appeal of the precious metals was dampened after Iran agreed to limit its nuclear program in exchange for sanctions relief in a deal reached over the weekend in Geneva.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.