Investing.com - Copper futures edged higher on Tuesday, bouncing off a three-day low as global equities moved higher, boosting the appeal of growth-linked assets. Copper and global equities have traded in tandem in recent months, on the belief share prices act as a proxy for economic sentiment and are a bellwether for copper demand. Copper is sensitive to the economic growth outlook because of its widespread uses across industries. 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, up 0.4% on the day. New York-traded copper prices held in a range between USD3.268 a pound, the session low and a daily high of USD3.323 a pound. Comex floor trading, which was closed for Monday’s U.S. Memorial Day holiday, will resume Tuesday. Market sentiment improved as Japan’s Nikkei stabilized following extreme volatility in recent sessions. European equities were sharply higher as well, with the EURO STOXX 50 surging 1.3%, France’s CAC 40 gaining 1.3%, while Germany’s DAX 30 rallied 1.1%. Copper’s gains were limited due to a slightly stronger U.S. dollar, as dollar-priced commodities become more expensive to investors holding other currencies when the greenback strengthens. The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.3% to trade at 84.01. Copper traders are now looking ahead to the release of U.S. economic reports later in the day, as well as Chinese data slated for later in the week. The U.S. was to release private sector data on house price inflation and a report on consumer confidence later Tuesday. Meanwhile, the next slice of Chinese economic data to come out will be the official purchasing managers' index due on Saturday. Elsewhere on the Comex, gold for August delivery fell 0.55% to trade at USD1,379.95 a troy ounce, while silver for July delivery retreated 1% to trade at USD22.26 a troy ounce.

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