Investing.com - Copper prices edged higher on Monday, as dismal Chinese trade data fuelled speculation policymakers in Beijing will have to do more to jumpstart the economy.
On the Comex division of the New York Mercantile Exchange, copper for May delivery tacked on 1.4 cents, or 0.52%, to trade at $2.748 a pound during European morning hours.
On Friday, copper inched up 0.5 cents, or 0.18%, to close at $2.734. Futures were likely to find support at $2.693, the low from April 6, and resistance at $2.831, the high from April 6.
China reported a trade surplus of $3.08 billion in March, compared to expectations for a surplus of $45.4 billion and down from a surplus of $60.6 in February.
Exports tumbled 15.0% from a year earlier last month, disappointing expectations for a 12.0% increase, while imports sank 12.7%, worse than forecasts for a decline of 11.7%.
The slide in imports pointed to persistent weakness in the economy, fuelling speculation policymakers will do more to boost growth.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
Elsewhere on the Comex, gold futures for April delivery ticked up 30 cents, or 0.02%, to trade at $1,204.90 a troy ounce, while silver futures for May delivery rose 0.6 cents, or 0.04% to trade at $16.38 an ounce.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slipped 0.05% to 99.59 early on Monday.
Market players will be looking ahead to Tuesday’s report on U.S. retail sales, as well as Friday’s reports on inflation and consumer sentiment, for further indications on the strength of the economy and the timing of an interest rate hike.