Investing.com - Copper futures were little changed near a three-week high on Tuesday, as investors looked ahead to the release of Chinese trade and inflation data later this week. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded at USD3.308 a pound during European morning trade, little changed on the day. New York-traded copper prices held in a range between USD3.276 a pound, the daily low and a session high of USD3.345 a pound, the strongest level since April 15. Copper prices remained supported amid ongoing expectations the Federal Reserve and the European Central Bank will continue with their growth-supportive monetary stimulus policies. ECB President Mario Draghi said on Monday that the central bank would monitor all euro zone economic data in the coming weeks and was ready to act again if needed. The ECB cut rates to a record low 0.5% from 0.75% at last Thursday’s policy meeting. Meanwhile, in the U.S., the Fed last week recommitted to its USD85 billion a month asset purchase program and indicated that it could increase or decrease the monthly amount, depending on the outlook for inflation and employment. Nymex copper rallied 7% last Friday to score its biggest one-day gain since October 2011 after stronger-than-expected U.S. non-farm payrolls data eased concerns over an economic slowdown in the world's largest economy. The U.S. is second behind China in global copper demand. Copper is sensitive to the economic growth outlook because of its widespread uses across industries. Elsewhere on the Comex, gold for June delivery shed 0.5% to trade at USD1,460.45 a troy ounce, while silver for July delivery tumbled 1.1% to trade at USD23.69 a troy ounce.

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