Though the Federal Open Market Committee of the U.S. Federal Reserve said on Wednesday when two days of policy meetings adjourned that it was leaving stimulus unchanged, Citigroup and Barclays Plc. said the reductions could come as soon as December.
"The markets realize that tapering is going to happen at some point, with the only question being how quickly they'll do it, and the Fed statement was a reminder of that," trader Frank Lesh with FuturePath Trading in Chicago told the publication on Thursday. "The markets had perhaps gotten bid up a little more than they should have ahead of this meeting."
At 11:19 a.m. on Thursday, copper futures dropped 0.74 percent, a 0.0245-cent slide to $3.301 per pound.
The Economic Times reports the base metal was burdened by international investors concerned about Fed stimulus closing sooner than expected. The sentiment about the Fed stimulus policy also impacted other industrial metals' performance on commodity markets.
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