Investing.com - Copper futures were little changed near the previous session’s six-week high during European morning hours on Thursday, as investors awaited the outcome of the European Central Bank’s upcoming policy meeting, amid hopes for fresh measures to stem the debt crisis in the euro zone.
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.520 a pound during European morning trade, shedding 0.25%.
Prices were stuck in a tight trading range of USD3.501 a pound, the daily low and a session high of USD3.530 a pound. Prices rose to a six-week high of USD3.534 a pound on Wednesday.
Markets were eyeing the ECB’s monetary policy meeting later Thursday, at which President Mario Draghi was expected to announce details of measures to help stabilize the region’s sovereign debt markets.
Bloomberg reported on Wednesday that the ECB is planning "unlimited, sterilized" bond buying plan, without setting bond yield targets. The plan is reported to be focused on government bonds with maturities of up to three years.
Analysts warned that sentiment was set to remain vulnerable however, amid fears that the central bank may disappoint.
Market participants were also focusing on Friday’s crucial U.S. non-farm payrolls data, which will allow investors to gauge the strength of the labor market and the need for additional easing by the Federal Reserve.
A disappointing jobs report could influence the Fed’s decision at its next policy meeting starting on September 12.
Mounting speculation the Federal Reserve was moving closer to introducing fresh measures to stimulate growth in the U.S. economy has helped support market sentiment in recent sessions.
Copper prices came under pressure as ongoing concerns over a deeper-than-expected slowdown in China’s economy weighed on future demand prospects.
Wall Street investment bank Goldman Sachs lowered its 2012 growth forecast for China’s economy to 7.6%, down from a previous estimate of 7.9%.
Chinese inflation and industrial production data are due on Sunday, while trade numbers will be released next Monday, which may give a clearer picture of the state of the Chinese economy.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
Elsewhere on the Comex, gold for October delivery rallied 1.1% to trade at a six-month high of USD1,710.55 a troy ounce, while silver for December delivery surged 1.95% to trade at USD32.96 a troy ounce, the highest since April 3.
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.520 a pound during European morning trade, shedding 0.25%.
Prices were stuck in a tight trading range of USD3.501 a pound, the daily low and a session high of USD3.530 a pound. Prices rose to a six-week high of USD3.534 a pound on Wednesday.
Markets were eyeing the ECB’s monetary policy meeting later Thursday, at which President Mario Draghi was expected to announce details of measures to help stabilize the region’s sovereign debt markets.
Bloomberg reported on Wednesday that the ECB is planning "unlimited, sterilized" bond buying plan, without setting bond yield targets. The plan is reported to be focused on government bonds with maturities of up to three years.
Analysts warned that sentiment was set to remain vulnerable however, amid fears that the central bank may disappoint.
Market participants were also focusing on Friday’s crucial U.S. non-farm payrolls data, which will allow investors to gauge the strength of the labor market and the need for additional easing by the Federal Reserve.
A disappointing jobs report could influence the Fed’s decision at its next policy meeting starting on September 12.
Mounting speculation the Federal Reserve was moving closer to introducing fresh measures to stimulate growth in the U.S. economy has helped support market sentiment in recent sessions.
Copper prices came under pressure as ongoing concerns over a deeper-than-expected slowdown in China’s economy weighed on future demand prospects.
Wall Street investment bank Goldman Sachs lowered its 2012 growth forecast for China’s economy to 7.6%, down from a previous estimate of 7.9%.
Chinese inflation and industrial production data are due on Sunday, while trade numbers will be released next Monday, which may give a clearer picture of the state of the Chinese economy.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
Elsewhere on the Comex, gold for October delivery rallied 1.1% to trade at a six-month high of USD1,710.55 a troy ounce, while silver for December delivery surged 1.95% to trade at USD32.96 a troy ounce, the highest since April 3.