Investing.com - Copper futures swung between small gains and losses during European morning trade on Monday, as upbeat China trade data failed to ease concerns over the global economic outlook.
On the Comex division of the New York Mercantile Exchange, copper for December delivery traded at $3.037 a pound during European morning hours, up 0.2 cents, or 0.08%.
Futures were likely to find support at $2.989, the low from October 10, and resistance at $3.059, the high from October 9.
Official trade data released earlier showed that China’s copper arrivals rose 14.7% in September to 390,000 metric tons, compared to 340,000 in August.
The country’s trade surplus narrowed to $31.0 billion last month from $49.8 billion in August, compared to estimates for a surplus of $41.0 billion.
Chinese exports climbed 15.3% from a year earlier in September, beating expectations for an 11.8% increase, while imports rose 7.0%, compared to forecasts for a 2.7% decline.
China is the world's largest copper consumer, accounting for nearly 40% of global demand.
Appetite for growth-linked assets remained weak after the International Monetary Fund last week cut its forecasts for global growth in 2014 and 2015 and warned that the recovery remains weak and uneven.
The organization is now forecasting global economic growth of 3.3% this year, down from 3.4% in July and expects growth of 3.8% in 2015, compared to an earlier prediction of 4.0%.
Sentiment was also hit by fears that Germany, the euro zone’s largest economy is being dragged into a recession after recent data indicated unexpected weakness in manufacturing and exports.
Copper is sensitive to the economic growth outlook because of its widespread uses across industries.
Elsewhere on the Comex, gold for December delivery inched up $7.70, or 0.63%, to trade at $1,229.40 a troy ounce, while silver for December delivery climbed 15.9 cents, or 0.92% to trade at $17.46 an ounce.
Gold and silver were boosted amid speculation weaker than expected global economic growth and its effect on the U.S. economy may lead the Federal Reserve to push back interest-rate increases.
A delay in raising interest rates would be seen as bullish for gold, as it decreases the relative cost of holding on to the metal, which doesn't offer investors any similar guaranteed payout.