Investing.com - Copper futures fell to a more than two-week low on Wednesday, as renewed concerns over the health of China’s economy dampened appetite for growth-linked assets.
On the Comex division of the New York Mercantile Exchange, copper for September delivery fell to a daily low of $3.182 a pound, the weakest since July 21, before trimming losses to last trade at $3.188 during European morning hours, down 0.5%, or 1.6 cents.
A day earlier, copper lost 1.22%, or 3.9 cents, to settle at $3.204, as disappointing Chinese economic data and a strong dollar weighed.
Futures were likely to find support at $3.173, the low from July 23 and resistance at $3.249, the high from August 5.
Data released Tuesday showed that the HSBC/Markit China services purchasing managers' index fell to 50.0 in July from 53.1 in June.
It was the lowest reading since November 2005, when the data collection began, indicating a recovery in the broader economy remains fragile and may need further government stimulus.
China is the world's largest copper consumer, accounting for nearly 40% of global demand.
Elsewhere on the Comex, gold for December delivery tacked on 0.52%, or $6.70, to trade at $1,292.00 a troy ounce, while silver for September delivery picked up 0.18%, or 3.5 cents, to trade at $19.86 an ounce.
Global equity markets came under pressure as a buildup of Russian armed forces along its border with Ukraine fuelled fresh concerns over geopolitical tensions in the region.