Investing.com - Copper futures declined on Wednesday, as traders looked ahead to key Chinese economic data to gauge the strength of the world’s second largest economy and biggest consumer of the industrial metal. On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.334 a pound during European morning trade, down 0.5%. Comex copper prices traded in a range between USD3.333 and USD3.355 a pound. The March copper contract settled 0.19% higher on Tuesday to end at USD3.351 a pound. Copper prices were likely to find support at USD3.315 a pound, the low from January 21 and resistance at USD3.358 a pound, the high from January 21. The next slice of Chinese economic data to come out will be the HSBC preliminary purchasing managers' index for January, due on Thursday. Copper traders consider shifts in the HSBC PMI an indicator of China's copper demand, as the industrial metal is widely used by the sector. Data released earlier in the week showed that China’s economy expanded at an annual rate of 7.7% in the fourth quarter, down from 7.8% in the three months to September. A separate report showed that industrial production in China rose by an annualized rate of 9.7% in December, compared to expectations for a 9.8% increase, after a 10% gain in the previous month. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Elsewhere on the Comex, gold for February delivery shed 0.2% to trade at USD1,239.30 a troy ounce, while silver for March delivery dipped 0.2% to trade at USD19.83 a troy ounce. Gold and silver prices were under pressure amid speculation the Federal Reserve will make a further reduction in monetary stimulus at its policy meeting next week.

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