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MTECHTIPS:-Copper futures turn lower as global growth woes weigh
Copper futures edged lower during European morning hours on Thursday, erasing earlier gains as the Federal Reserve reiterated its policy stance amid concerns over the U.S. economy.On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.562 a pound during European morning trade, easing down 0.15%. Earlier in the day, prices rose by as much as 0.6% to hit a session high of USD3.590 a pound. Copper futures fell to a seven-week low of USD3.547 a pound on October 23.The Federal Reserve announced no new measures at the end of a two-day meeting Wednesday, after the central bank introduced its third round of quantitative easing last month.In its rate statement, the Fed said the U.S. economy is improving moderately, but said job growth has been slow and the unemployment rate remains elevated.The Fed also said it planned to keep its benchmark short-term rate close to zero through mid-2015.The Federal Reserve said in September it will purchase an average of USD40 billion of mortgage-backed securities a month until the economy shows significant improvement.Later in the day, the U.S. was to release official data on durable goods orders, as well as reports on pending home sales and initial jobless claims. The country is scheduled to release third quarter growth data on Friday.
Copper futures edged lower during European morning hours on Thursday, erasing earlier gains as the Federal Reserve reiterated its policy stance amid concerns over the U.S. economy.On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.562 a pound during European morning trade, easing down 0.15%. Earlier in the day, prices rose by as much as 0.6% to hit a session high of USD3.590 a pound. Copper futures fell to a seven-week low of USD3.547 a pound on October 23.The Federal Reserve announced no new measures at the end of a two-day meeting Wednesday, after the central bank introduced its third round of quantitative easing last month.In its rate statement, the Fed said the U.S. economy is improving moderately, but said job growth has been slow and the unemployment rate remains elevated.The Fed also said it planned to keep its benchmark short-term rate close to zero through mid-2015.The Federal Reserve said in September it will purchase an average of USD40 billion of mortgage-backed securities a month until the economy shows significant improvement.Later in the day, the U.S. was to release official data on durable goods orders, as well as reports on pending home sales and initial jobless claims. The country is scheduled to release third quarter growth data on Friday.
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