On Thursday copper prices dropped to the lowest level since July 2009, as the higher odds of increasing borrowing costs in the U.S. and
slower global economic growth spurred risk appetite.
Comex copper for December delivery dropped 2.35%, to trade at $2.166 a pound during morning hours in New York. Earlier, the metal fell to $2.160, a level not seen in over six years.
Three-month copper on the London Metal Exchange slumped 1.99% to $4,828.75 a metric ton.
Since May, prices for the red metal are down more than 25% amid signals of a slowdown in China which fuels fears over lackluster demand for the industrial metal.
Elsewhere, gold prices re-approached the lowest level in five years, as investors awaited comments from a range of Federal Reserve speakers, including Janet Yellen for further indications on the likelihood of a December rate hike.
December Comex gold was last seen at $1,078.00 an ounce, down 0.65%, while December Comex silver dropped 0.44% to trade at $14.210 an ounce.
Fed Chairwoman Janet Yellen is expected to give “welcoming remarks” at 9:30 a.m. Eastern at a monetary policy conference in Washington D.C. After the markets closure, at 6 p.m. Eastern, Fed Vice Chairman Stanley Fischer will speak on the transmission of exchange rate changes to output and inflation at the same event.
At 10:15 a.m. Eastern, Chicago Fed President Charles Evans will speak on the economy and monetary policy at the National Communities Council Fall Leadership Forum in Chicago.
New York Fed President William Dudley will speak to The Economic Club of New York at noon Eastern, talking about the economic outlook and what it means for monetary policy.
Weekly jobless claims are due at 8:30 a.m. Eastern, followed by September job openings at 10 a.m. Eastern and the Federal monthly budget for October at 2 p.m. Eastern.
