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Copper falls from 3-week high ahead of U.S. data

Published 08/26/2014, 05:01 AM
Updated 08/26/2014, 05:01 AM
Copper futures decline ahead of U.S. data

Copper futures decline ahead of U.S. data

Investing.com - Copper futures fell from the previous session's three-week high on Tuesday, as market players looked ahead to the release of key U.S. data later in the session for further indications on the strength of the economy and the possible future path of monetary policy.

On the Comex division of the New York Mercantile Exchange, copper for December delivery shed 0.58%, or 1.9 cents, to trade at $3.218 a pound during European morning hours. Prices held in a range between $3.215 and $3.241 a pound.

A day earlier, copper futures hit $3.246, the most since August 5, 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.

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.

The U.S. was to publish reports on July durable goods orders, as well as house price inflation and consumer confidence.

Data released Monday showed that new home sales dropped unexpectedly to hit a four-month low of 412,000 units last month.

Federal Reserve Chair Janet Yellen said at Jackson Hole on Friday that the U.S. economy is recovering and added the labor market is improving as well.

The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, eased from the previous session's 11-month high.

Elsewhere on the Comex, gold for December delivery climbed 0.83%, or $10.60, to trade at $1,289.50 a troy ounce, while silver for December delivery tacked on 0.73%, or 14.1 cents, to trade at $19.57 an ounce.

Russian President Vladimir Putin will meet his Ukrainian counterpart Petro Poroshenko for the first time since June in Belarus's capital of Minsk later Tuesday, in hopes of reaching a political solution to the four-month old conflict in eastern Ukraine.

On Monday, Ukraine said an armored column including 10 tanks entered from Russia as the government in Moscow unveiled plans to send a second convoy with humanitarian aid.

Kiev and Western capitals suspect the convoy could turn into a covert military action to help pro-Russia separatists in the eastern part of the country.

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