The U.S. Federal Reserve opted to implement tapering to its monetary stimulus policy on Wednesday, when two days of the body's meetings adjourned. That prompted the world's reserve currency to advance as a result of fewer dollars flooding the market. The base metal is sensitive to domestic and worldwide financial and economic developments given its widespread use in industry like manufacturing and construction.
"The strong dollar after the Fed's decision put downward pressure on copper," senior trader Hwang Il Doo with Korea Exchange Bank Futures Co. in Seoul told the news source on Thursday. "There was some selling after the price failed to rise above $7,300."
At 9:57 a.m. on Thursday, copper futures fell 0.78 percent, a 0.026-cent loss to $3.293 per pound.
Reuters reports the reddish metal earlier this week had pushed near its highest value in about 60 days but slipped in the aftermath of the Fed issuing the tapering decision, which had been anticipated for several months.
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