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Copper fluctuates after China trade data

By Investing.comCommoditiesJul 10, 2014 08:03AM GMT Add a Comment
 
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Investing.com - Copper futures swung between small gains and losses on Thursday, after data showed that China’s exports rose less than expected in June.

Copper fluctuates after China trade dataCopper swings between gains and losses after China trade data

On the Comex division of the New York Mercantile Exchange, copper for September delivery tacked on 0.1%, or 0.4 cents, to trade at $3.252 a pound during European morning hours. Prices held in a narrow range between $3.245 and $3.257 a pound.

Copper prices ended Wednesday’s session down 0.28%, or 0.9 cents, to settle at $3.248 a pound.

Futures were likely to find support at $3.237 a pound, the low from July 7 and resistance at $3.294 a pound, the high from July 8.

Data released earlier showed that Chinese exports in June climbed 7.2% from a year earlier, missing expectations for a gain of 10.6%, while imports rose 5.5%, below forecasts for a 5.8% increase.

China’s trade surplus narrowed to $31.6 billion last month from a surplus of $35.92 billion in May, compared to estimates for a surplus of $35.0 billion.

The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption.

Elsewhere on the Comex, gold for August delivery inched up 0.48%, or $6.40, to trade at $1,330.70 a troy ounce, while silver for September delivery advanced 0.87%, or 18.4 cents, to trade at $21.25 an ounce.

Minutes of the Federal Reserve’s June policy meeting released Wednesday showed that officials agreed to end the central bank’s asset purchase program in October.

However, the minutes revealed little new information on when the bank could start to hike rates. The central bank acknowledged that the economy is continuing to improve but officials remain divided over the outlook for inflation.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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