US copper futures started lower early on Wednesday after a small rise in copper inventories, then added to losses when US equity markets moved down as traders took a defensive position before the Federal Reserve releases its policy statement later today. Copper for May delivery lost 1.55 cents to $1.7085 a lb on the New York Mercantile Exchanges COMEX division.
The range probed as low as $1.6935 from $1.7490. Copper also remained vulnerable to a second day of profit-taking after reaching a four-month high early on Tuesday. On Tuesday, May copper hit its highest since November 11 at $1.7630. Spot March copper was down 2.0 cents at $1.6975.