Investing.com - Copper futures fell to the lowest level in two weeks during European morning hours on Tuesday, as appetite for growth-linked assets weakened amid fresh concerns over the U.S. debt ceiling. On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.626 a pound during European morning trade, down 0.2% on the day. New York-traded copper prices fell by as much as 0.35% earlier in the session to hit a daily low of USD3.623 a pound, the weakest level since December 31. Copper prices came under pressure as investors remained cautious ahead of negotiations on raising the U.S. debt ceiling still to come in February. On Monday, President Barack Obama warned Congress that it must raise the debt ceiling or risk a "self-inflicted wound on the economy." Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner also urged policymakers to act swiftly in order to prevent a potential debt default. Losses were limited as the U.S. dollar came under pressure after Fed Chief Bernanke indicated that the central bank intended to continue its quantitative easing program. In a speech on the economy and monetary policy on Monday, Fed Chief Ben Bernanke said that he was still unsatisfied with the economy’s progress, despite some recent signs of improvement. Bernanke made no mention of winding the program down, clearing some confusion caused by the most recent Fed meeting minutes. Copper traders now looked ahead to key Chinese economic data later in the week to gauge the strength of the country’s economic recovery. The Asian nation is slated to release data on fourth quarter gross domestic product on Friday, along with reports on industrial production and retail sales. China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Elsewhere on the Comex, gold for February delivery added 0.65% to trade at USD1,680.15 a troy ounce, while silver for March delivery climbed 0.7% to trade at USD31.32 a troy ounce.

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