Investing.com - Copper prices fell from the previous session’s two-week high on Wednesday, as investors looked ahead to key U.S. economic data later in the day for further indications on the strength of the economy and the future course of monetary policy. On the Comex division of the New York Mercantile Exchange, copper futures for May delivery fell to a session low of $2.982 a pound, before trimming losses to last trade at $2.985 during European morning hours, down 0.68%, or 2.0 cents. Copper rallied to $3.045 a pound on Tuesday, the most since March 11, before settling at $3.005 a pound, up 2.04%, or 6.0 cents. Futures were likely to find support at $2.939 a pound, the low from March 25 and resistance at $3.045 a pound, the high from March 25. The U.S. is to release data on durable goods orders later in the session. Data on Tuesday showed that U.S. consumer confidence improved more than expected in March. However, a separate report said that new home sales fell by the most in five months in February, indicating continued weakness in the housing sector. Copper rallied on Tuesday amid growing hopes that China will unveil fresh stimulus measures to boost slowing economic growth. Data released on Monday showed that Chinese manufacturing activity deteriorated for a third successive month in March. The industrial metal fell to $2.877 a pound on March 19, the lowest since July 2010, amid growing concerns over the health of China’s economy. 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 June delivery inched up 0.22%, or $2.90, to trade at $1,314.30 a troy ounce, while silver for May delivery added 0.35%, or 6.9 cents, to trade at $20.04 an ounce.

Source