Copper futures fluctuate as investors weigh U.S. govt. shutdown
Investing.com
Published Oct 02, 2013 05:30AM ET
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.278 a pound during European morning trade, up 0.1%.
Copper prices traded in a range between USD3.249 a pound, the daily low and a session high of USD3.282 a pound. The December contract settled 1.5% lower at USD3.274 a pound on Tuesday.
Copper prices were likely to find support at USD3.249 a pound, Tuesday’s low and the weakest level since September 24 and resistance at USD3.337 a pound, Tuesday’s high.
Investors remained cautious as worries over the impact of a U.S. government shutdown continued after Congress failed to reach an agreement on a budget bill.
Markets were also mulling over how the political deadlock in Washington will impact on negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by October 17.
Moody's Investors Service warned last month that a failure to raise the debt limit would result in a worse outcome for financial markets than a government shutdown.
Elsewhere on the Comex, gold for December delivery advanced 0.7% to trade at USD1,295.20 a troy ounce, while silver for December delivery inched up 0.1% to trade at USD21.19 a troy ounce.
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Written By: Investing.com
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