Copper swings between gains and losses ahead of Putin speech By South CCAA Investments/Commodities News Copper prices fluctuated between small gains and losses on Tuesday, as investors remained cautious ahead of a highly anticipated speech by Russian President Vladimir Putin. Copper swings between gains and losses ahead of Putin speechCopper fluctuates ahead of Putin speech On the Comex division of the New York Mercantile Exchange, copper futures for May delivery held in a range between $2.941 a pound and $2.992 a pound. Copper last traded at $2.949 a pound during European morning hours, down 0.09%, or $0.003 cents. The May copper contract eased up 0.05%, or 0.001 cents to settle at $2.952 a pound on Monday. Futures were likely to find support at $2.921 a pound, the low from March 17 and resistance at $2.992 a pound, the session high. Vladimir Putin was set to address Russias parliament later on Tuesday on making Crimea part of the Russian Federation, one day after signing a decree recognizing the region as a sovereign state. Worries over the Ukraine crisis seemed to subside however, as sanctions imposed on Russia by the U.S. and the European Union were seen as mild. Meanwhile, investors began to turn their attention to the outcome of the Federal Reserve’s policy meeting on Wednesday amid expectations for a reduction in its bond buying program to $55 billion from the current $65 billion. Market players looked ahead to key U.S. economic data later in the day for further indications on the strength of the economy and the future course of monetary policy. The U.S. is to produce data on consumer price inflation as well as reports on building permits and housing starts. Elsewhere on the Comex, gold for April delivery fell 0.71%, or $9.80, to trade at $1,363.10 a troy ounce, while silver for May delivery lost 0.97%, or 20.7 cents, to trade at $21.06 an ounce
Posted on: Tue, 18 Mar 2014 09:41:23 +0000
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