Market Outlook: Copper Trades in a Narrow Range as Investors Await Fed's Interest Rate Decision

Forex - Copper prices fluctuated within a narrow range today, as traders exhibited a cautious stance ahead of the U.S. interest rate decision.

Three-month copper on the London Metal Exchange (LME) traded at $9,076.5 per ton, up 0.2% at 04:53 GMT.

The January copper futures contract on the Shanghai Futures Exchange increased by 0.2% to 74,650 yuan per ton ($10,245.11).

The U.S. Federal Reserve will announce its interest rate decision tomorrow, and despite S&P Global's purchasing managers' survey indicating that service sector activity surged to its highest level in three years, interest rate futures point to a 94% chance of a rate cut.

Economic data released by China yesterday showed disappointing retail sales in November, keeping calls for increased consumer-focused stimulus from Beijing alive.

Growth in industrial production in the world's largest metal consumer slightly accelerated.