Chicago 07/07/2016 - Copper futures declined to a two-week low as a stronger dollar weighed on prices.
Copper for September delivery on the Comex division of the New York Mercantile Exchange declined three cents to close at $2.1225 per pound. Trade ranged from $2.1170 to $2.1625.
Market volatility has eased in recent days ahead of Friday's US employment report, creating a general risk-off sentiment in the marketplace.
Copper initially benefitted from the Brexit decision as worldwide currencies were depressed, but in recent days the dollar has strengthened with the index last trading at 96.40 – near a four-month high.
"Trading today was generally quiet and in thin turnover across the complex," Sucden Financial said. "With no fresh news/features prices were contained mostly within the range of yesterday, edging to the lower levels...as the dollar firmed."
According to the minutes from the Federal Reserve's June meeting, the central bank's policy board decided to keep rates unchanged amid signs that the US labour market was starting to soften following a disappointing May employment report.
But most members indicated that if economic growth - particularly job gains - continued at a sufficient pace, a July rate rise could be appropriate.
There is a zero-percent chance of the Fed moving in a couple weeks, , according to the CME Group FedWatch – most see 2017 as the earliest the Fed will raise rates.
In US data, Challenger job cuts year-over-year in June came in at -14.1 percent - the forecast was for a reading of -26.5 percent.
In a preview of the critically important jobs report, the ADP non-farm employment change for June at 172,000 was above the 158,000 consensus. Unemployment claims between June 24 and July 1 at 254,000 were below the expected 269,000 and the psychologically important 300,000 mark.
Turning to US markets, the Dow Jones industrial average and S&P were down 0.4 percent and 0.3 percent respectively, while the dollar strengthened 0.4 percent to $1.1058 against the euro.
Meanwhile in other commodities, light sweet crude (WTI) oil futures on the Nymex reversed down $2.10 or 4.4 percent to $45.33 per barrel while the most-actively traded Comex gold contract was trading at $1,359.60 per ounce, down $7.50.
(Editing by Tom Jennemann)