27th February 2014
Copper futures have fallen to their lowest level in three weeks in commodities trading markets today (February 27th).
This has come ahead of a Senate testimony from Federal Reserve chair Janet Yellen, who is expected to reiterate the bank's intentions to continue gradually reducing its quantitative easing programme over the course of 2014.
In addition, investors will be monitoring the release of US durable goods orders data later in the session, which is considered to be a key indicator of the country's production levels.
Furthermore, a Department of Labor report will show the number of Americans who filed initial claims for unemployment benefits last week.
Recently, US economic reports have generally disappointed, leading to suggestions the country's recovery may be faltering. This has weighed on copper prices as the country is second only to China in terms of global consumption of the industrial metal.
On the Comex division of the New York Mercantile Exchange, copper for May delivery declined to $3.189 per pound in early trading - its lowest since February 5th.
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