Investing.com - Copper futures were lower on Monday, after official data showed that China’s economy grew in line with market expectations in the second quarter.
On the Comex division of the New York Mercantile Exchange, copper futures for September delivery traded at USD3.133 a pound during European morning trade, down 0.7% on the day.
New York-traded copper prices traded in a range between USD3.168 a pound, the daily high and a session low of USD3.131 a pound.
Data released earlier showed that the world’s second largest economy expanded 7.5% in the second quarter from a year earlier, in line with market expectations and slowing from a 7.7% increase in the preceding quarter.
A separate report showed that industrial production in China rose 8.9% in June, below expectations for a 9.1% increase and following a 9.2% gain the previous month.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
Copper is sensitive to the economic growth outlook because of its widespread uses across industries.
Investors now looked ahead to the release of U.S. retail sales data later in the day to further gauge the strength of the U.S. economy and the direction of U.S. monetary policy.
Copper prices advanced 2.7% last week after Federal Reserve Chairman Ben Bernanke said the central bank will continue to maintain accommodative monetary policy for the foreseeable future.
Bernanke is due to testify to Congress on Wednesday and Thursday.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.
Elsewhere on the Comex, gold for August delivery added 0.3% to trade at USD1,281.35 a troy ounce, while silver for September delivery was little changed to trade at USD19.80 a troy ounce.
On the Comex division of the New York Mercantile Exchange, copper futures for September delivery traded at USD3.133 a pound during European morning trade, down 0.7% on the day.
New York-traded copper prices traded in a range between USD3.168 a pound, the daily high and a session low of USD3.131 a pound.
Data released earlier showed that the world’s second largest economy expanded 7.5% in the second quarter from a year earlier, in line with market expectations and slowing from a 7.7% increase in the preceding quarter.
A separate report showed that industrial production in China rose 8.9% in June, below expectations for a 9.1% increase and following a 9.2% gain the previous month.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
Copper is sensitive to the economic growth outlook because of its widespread uses across industries.
Investors now looked ahead to the release of U.S. retail sales data later in the day to further gauge the strength of the U.S. economy and the direction of U.S. monetary policy.
Copper prices advanced 2.7% last week after Federal Reserve Chairman Ben Bernanke said the central bank will continue to maintain accommodative monetary policy for the foreseeable future.
Bernanke is due to testify to Congress on Wednesday and Thursday.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.
Elsewhere on the Comex, gold for August delivery added 0.3% to trade at USD1,281.35 a troy ounce, while silver for September delivery was little changed to trade at USD19.80 a troy ounce.