US MIDDAY: copper down

Copper ended down on Wednesday and fell further to session lows in after-hours business, as investors were disappointed that the US Federal Reserve would not be as aggressive as many had hoped at stimulating the world's largest economy. In New York, the COMEX July contract shed roughly 2 percent to a session low of $3.3565 per lb in a knee-jerk reaction to the Fed's statement. It finished down 4.60 cents at $3.3875 per lb.
COMEX copper volumes were thin as investors cautiously awaited the Fed's policy decision. Volumes neared 60,000 lots in late New York trade, nearly a quarter below the 30-day norm, according to preliminary Thomson Reuters data. Copper is down more than 10 percent so far this quarter and is trading around one percent lower for the year to date, as investors continue to price in a low-growth environment for demand due to Europe's debt crisis, China's slowdown and the US's fragile recovery.