Copper fell by the most in two weeks, paring a weekly gain, as industrial metals dropped after U.S. Federal Reserve policy makers said they will probably end their $85 billion monthly bond-purchase program sometime this year.
Copper for delivery in three months on the London Metal Exchange lost as much as 1.3 percent to $8,058 a metric ton, the most since Dec. 20, and was at $8,070 at 1:19 p.m. in Shanghai, paring a second straight weekly advance to 2.3 percent. Futures on the Comex in New York fell 1.1 percent to $3.6750 a pound.
Federal Open Market Committee minutes released yesterday for a Dec. 11-12 meeting showed members who provided estimates were “approximately evenly divided” between those who said it would be appropriate to end the purchases around mid-2013 and those who said should continue beyond that date. The Dollar Index gained as much as 0.4 percent to 80.672 today.
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