Copper futures slipped in thin trading on Friday, easing after a Federal Reserve official said the U.S. central bank may cut back on its stimulus next month.
The most actively traded copper contract, for December delivery, recently traded down 1.5 cents, or 0.5%, at $3.332 a pound on the Comex division of the New York Mercantile Exchange.
Copper had surged the prior trading session, rallying along with equities and some other commodities after the Federal Reserve's decision late Wednesday to keep its $85 billion-a-month bond-buying program steady.
The Fed's stimulus programs drew buyers to copper on the belief that it will accelerate growth, and, in turn, metals demand. Copper is used in a wide range of manufactured products.
But James Bullard, president of the Federal Reserve Bank of St. Louis, said on Bloomberg TV Friday that "a small taper is possible in October." Mr. Bullard said the Fed's decision to stand pat this week, which surprised many market participants, was "borderline."
