Investing.com - Copper futures advanced for the first time in ten sessions on Tuesday, as investors returned to the market to seek cheap valuations after prices fell to a two-month low in the previous session. On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded in a range between USD3.178 a pound and USD3.200 a pound. The March contract last traded at USD3.198 a pound during European morning hours, up 0.45%. Copper prices fell to USD3.175 a pound on Monday, the lowest since December 4, before trimming losses to settle at USD3.183 a pound, down 0.42%. Copper futures were likely to find support at USD3.175 a pound, the low from February 3 and resistance at USD3.225 a pound, the high from November 29. Copper prices have been under heavy selling pressure in recent sessions as mounting concerns over the global economy dampened demand for growth-linked assets. The U.S. Institute for Supply Management said Monday that its manufacturing index fell to a seven-month low in January, as new orders slumped. The disappointing data underlined concerns over the global economic recovery following a report which showed that Chinese factory output weakened to a six-month low last month. China and the U.S. are the world’s two largest copper consumers. Copper traders often use manufacturing numbers as indicators for future demand growth. The industrial metal is sensitive to the economic growth outlook because of its widespread uses across industries. Elsewhere on the Comex, gold for April delivery shed 0.45% to trade at USD1,254.40 a troy ounce, while silver for March delivery dipped 0.4% to trade at USD19.33 a troy ounce.

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