Copper Drops for First Time in a Week on Fed Taper Speculation
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Copper futures fell for the first time in a week amid speculation that the Federal Reserve may start to slow economic stimulus sooner than forecast in the U.S., the world’s second-biggest user of the metal.
The Fed signaled diminishing concern over higher borrowing costs after a two-day meeting yesterday, even as it maintained $85 billion in monthly bond purchases. The central bank’s statement opens the possibility of reduced debt-buying as soon as December, Citigroup Inc. and Barclays Plc said yesterday.