Concerns about the economic state of the biggest consumer pulled down copper futures on Monday, as investors in the U.S. kept an eye out for indications about what steps lay ahead for the U.S. Federal Reserve regarding its monetary stimulus program, according to Bloomberg.
An opening as to the body's thinking is likely to be exposed on Wednesday when minutes of last month's Federal Open Market Committee meeting are slated to be released. Acquisitions of the reddish metal are forecast to slow down next month, according to the majority of Bloomberg-polled economists.
"Tapering is still in the air, and real Chinese end use of copper doesn't seem to be that strong," states a Monday email penned by analyst David Wilson with Citigroup Inc. in London, according to Bloomberg.
At 9:47 a.m. on Monday, copper futures dropped 1.13 percent, a 0.038-cent loss to $3.329 per pound.
Reuters reports the economic performance of China, the globe's top consumer of the base metal, is being watched closely. The HSBC Chinese flash manufacturing purchasing managers index is set for release on Tuesday.
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