Credit: Investing.com -
Investing.com - Copper futures swung between small gains and losses near an eight-day high on Wednesday, as investors awaited the outcome of the Federal Reserve's latest policy meeting.
On the Comex division of the New York Mercantile Exchange, copper for July delivery rose to a session high of $3.071 a pound, the most since June 6, before turning lower to last trade at $3.059 during European morning hours, down 0.06%, or 0.2 cents.
Copper ended Tuesday's session up 0.36%, or 1.1 cents, to settle at $3.061. Futures were likely to find support at $3.022 a pound, the low from June 16 and resistance at $3.094 a pound, the high from June 6.
Market analysts expect the Fed to taper its monthly bond buying program by another $10 billion from the current $45 billion, due to an improving economy.
The decision will be followed by a press conference with Chair Janet Yellen, amid speculation over the timing of possible interest rate increases. The central bank will also provide its latest forecasts for growth, inflation and interest rates.
Elsewhere on the Comex, gold for August delivery declined 0.21%, or $2.70, to trade at $1,269.30 a troy ounce, while silver for July delivery shed 0.11%, or 2.2 cents, to trade at $19.71 an ounce.
Markets players monitored developments in Iraq, where the conflict between Sunni Islamist insurgents and Iraqi army forces continued, supporting demand for safe haven assets.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
