Copper near one-week low

Reuters
Melbourne

London copper was trapped near a one-week low on Tuesday as the appetite for risk among investors fell and volumes dwindled ahead of the U.S. Federal Reserve´s policy meeting starting later in the session. Caution gripped Asian markets on Tuesday, sending the safe-haven yen higher ahead of central bank meetings in the United States and Japan,while a fresh skid in oil dampened energy stocks onWall Street. "Investors are likely to remain bearish going into the FOMCmeeting thisweek as the USD strengthens and fundamentals remain weak," ANZ said in a note. Three-month copper on the LondonMetal Exchange edged down by 0.1 percent to $4,895 a tonne by 0142 GMT, extending amild 0.4 decline from the previous session when prices hit the lowest in a week at $4,875 a tonne. Shanghai Futures Exchange copper fell 1 percent to 37,810 yuan ($5,662) a tonne.