Investing.com - Copper futures edged up mildly during European morning hours on Monday, but gains were limited as markets digested data showing manufacturing activity in China expanded at the slowest rate in four months in February, while markets eyed parliamentary elections in Italy. On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.562 a pound during European morning trade, up 0.3% on the day. New York-traded copper prices held in a trading range between USD3.551 a pound, the daily low and a session high of USD3.570 a pound. Comex copper prices fell to USD3.525 on Friday, the weakest level since December 20. Data released earlier in the day showed that China’s HSBC Flash Purchasing Managers Index, the earliest indicator of the country's industrial activity, fell to a four-month low of 50.4 in February from a final reading of 52.3 in January. The measure however still remains above 50.0, indicating an expansion in manufacturing activity. China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Meanwhile, investors remained wary ahead of the results of Italy’s election, amid concerns that a hung parliament could hamper efforts to implement further economic reforms and lead to instability in the euro zone’s third largest economy. The results of the election were expected to be known on Tuesday, but exit polls were due to be published on Monday afternoon. Copper traders were also worried about impending USD85 billion in automatic U.S. spending cuts, known as sequestration, due to take effect on March 1 unless Congress and the White House find a way to reach an agreement. Previous budget battles in Washington have rattled financial markets. Elsewhere on the Comex, gold for April delivery rallied 1.1% to trade at USD1,589.60 a troy ounce, while silver for May delivery surged 1.7% to trade at USD29.01 a troy ounce.

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