Investing.com - Copper futures extended losses from the previous session on Wednesday, as investors continued to take profit on a recent rally which took prices to a three-week high earlier in the week.
On the Comex division of the New York Mercantile Exchange, copper for December delivery shed 0.19%, or 0.6 cents, to trade at $3.207 a pound during European morning hours.
Prices held in a range between $3.197 and $3.215 a pound. A day earlier, copper futures lost 0.99%, or 3.2 cents, to end at $3.186 a pound.
Futures were likely to find support at $3.169, the low from August 22 and resistance at $3.246 a pound, the high from August 25.
Copper prices hit a three-week high of $3.246 on August 25 amid speculation weakening economic growth in China will prompt policymakers to introduce fresh stimulus measures.
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 December delivery tacked on 0.05%, or 70 cents, to trade at $1,285.90 a troy ounce, while silver for December delivery picked up 0.2%, or 3.9 cents, to trade at $19.49 an ounce.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.18% to hit 82.54, as investors locked in gains from a recent rally.
Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
The greenback rallied to an 11-month high against the euro after European Central Bank President Mario Draghi told the Jackson Hole gathering last week that the central bank is ready to take more unconventional action if needed to stimulate a sluggish euro zone economy.
Meanwhile, the S&P 500 closed above the key 2000-level for the first time ever on Tuesday after upbeat data boosted optimism over the health of the U.S. economy.
The Conference Board said its index of U.S. consumer confidence rose to a seven-year high of 92.4 this month from a reading of 90.3 in July. Analysts expected the index to decline to 89.0 in August.
The robust consumer confidence report came after data from the U.S. Commerce Department showed that total durable goods orders, which include transportation items, surged by 22.6% last month, blowing past expectations for an increase of 7.5%.
Federal Reserve Chair Janet Yellen said at Jackson Hole that the U.S. economy is recovering and added the labor market is improving as well.