Investing.com - Copper futures edged higher during European morning trade on Tuesday, as market players looked ahead to the release of key euro zone data later in the session for further indications on the strength of the economy and the future path of monetary policy.
On the Comex division of the New York Mercantile Exchange, copper for December delivery traded at $3.048 a pound during European morning hours, up 0.8 cents, or 0.26%.
Comex copper prices hit a daily high of $3.055 earlier in the day, the strongest level since October 9.
Futures were likely to find support at $3.021, the low from October 13, and resistance at $3.059, the high from October 9.
The ZEW Institute is to release its closely watched report on German economic sentiment for October, a leading indicator of economic health.
Fears that Germany, the euro zone’s largest economy, is being dragged into a recession mounted last week after data pointed to unexpected weakness in manufacturing and exports.
The euro zone is also to publish data on industrial production for September later Tuesday, amid ongoing concerns the region's economy is floundering and may require fresh stimulus measures from the European Central Bank.
Europe as a region is third in global demand for the industrial metal.
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 $2.80, or 0.23%, to trade at $1,232.80 a troy ounce, while silver for December delivery climbed 10.8 cents, or 0.62% to trade at $17.45 an ounce.
Gold and silver remained supported by speculation that 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.