The most active COMEX copper futures closed down 0.80 cents at a settlement price of $2.7545 per pound.
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The spot month December copper fell 0.75 cents, and the settlement price was 2.7530 US dollars per pound.
The stock market was under pressure this week, and global stock markets fell, as investors waited for the Fed’s last meeting in 2018.
The Fed policy meeting will end on Wednesday, and the market generally expects the Fed to raise interest rates.
However, investors will focus on the Fed’s 2019 policy outlook and the number of future rate hikes.
Everyone’s eyes will be on the Fed’s signal to further tighten monetary policy, and on the occasion of Sino-US trade conflicts and global financial market turmoil, the Fed believes how the economy will grow.
Copper futures prices are also under pressure to ease supply concerns as Vedanta Resources may restart the Tuticorin copper smelter, which has an annual capacity of 400,000 tons in Tamil Nadu, India.
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