IV:Copper futures lower ahead of U.S., China economic data
Investing.com - Copper futures pulled back from a more than one-week high on Thursday, as investors looked ahead to key economic data out of the U.S. and China to gauge the strength of the world’s two-largest economies.
On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded in a range between USD3.239 a pound and USD3.256 a pound.
Copper prices last traded at USD3.240 a pound during European morning hours, down 0.5%.
The March copper contract rallied to USD3.263 a pound on Wednesday, the most since January 29, before trimming gains to settle at USD3.256 a pound, up 1.28%.
Futures were likely to find support at USD3.202 a pound, the low from February 11 and resistance at USD3.263 a pound, the high from February 12.
Investors were looking ahead to U.S. retail sales data due later in the day, amid concerns that sales slumped in January after a 0.2% rise in December.
Recent weak jobs reports have raised concerns over whether the U.S. recovery has lost momentum since the end of last year.
Market players were also awaiting the release of inflation data out of China due on Friday to further gauge the strength of the world’s second largest economy.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
Elsewhere on the Comex, gold for April delivery shed 0.5% to trade at USD1,288.30 a troy ounce, while silver for March delivery dropped 0.95% to trade at USD20.14 a troy ounce.
