Investing.com - Copper futures were little changed on Monday, as trading volumes remained light ahead of Christmas Day amid growing uncertainty surrounding talks between U.S. lawmakers to avoid the looming fiscal cliff crisis.
On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.562 a pound during European morning trade, down 0.15% on the day.
New York-traded copper prices were stuck in a tight range between USD3.557 a pound, the daily low and a session high of USD3.579 a pound.
Market remained focused on developments surrounding the fiscal cliff in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.
Doubts over whether a deal will be reached ahead of the year-end intensified last week after Republican House Speaker John Boehner failed to get his caucus’ support for his so-called “Plan B” fiscal cliff option, which called for tax increases only on Americans earning USD1 million or more per year.
The U.S. House has adjourned for the Christmas holiday, fueling speculation that policymakers will not be able to avert the fiscal cliff.
Without a deal, the U.S. could fall back into recession and drag much of the world down with it.
Elsewhere on the Comex, gold for February delivery added 0.3% to trade at USD1,664.65 a troy ounce, while silver for March delivery rose 0.45% to trade at USD30.34 a troy ounce.
Trading was expected to remain subdued, with year-end positioning driving flows and as holidays in many countries limit activity. Lower-than-usual volumes could spark volatile trading, resulting in rapid changes in metal prices during the final weeks of the year.
On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.562 a pound during European morning trade, down 0.15% on the day.
New York-traded copper prices were stuck in a tight range between USD3.557 a pound, the daily low and a session high of USD3.579 a pound.
Market remained focused on developments surrounding the fiscal cliff in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.
Doubts over whether a deal will be reached ahead of the year-end intensified last week after Republican House Speaker John Boehner failed to get his caucus’ support for his so-called “Plan B” fiscal cliff option, which called for tax increases only on Americans earning USD1 million or more per year.
The U.S. House has adjourned for the Christmas holiday, fueling speculation that policymakers will not be able to avert the fiscal cliff.
Without a deal, the U.S. could fall back into recession and drag much of the world down with it.
Elsewhere on the Comex, gold for February delivery added 0.3% to trade at USD1,664.65 a troy ounce, while silver for March delivery rose 0.45% to trade at USD30.34 a troy ounce.
Trading was expected to remain subdued, with year-end positioning driving flows and as holidays in many countries limit activity. Lower-than-usual volumes could spark volatile trading, resulting in rapid changes in metal prices during the final weeks of the year.