Investing.com - Copper futures edged higher on Tuesday, as market players looked ahead to the release of revised U.S. third quarter growth data due later in the session.
On the Comex division of the New York Mercantile Exchange, copper for March delivery picked up 1.1 cents, or 0.36% to trade at $3.017 a pound during European morning hours.
A day earlier, copper prices lost 2.3 cents, or 0.76%, to settle at $3.006 a pound.
Futures were likely to find support at $2.991, the low from November 20, and resistance at $3.045, the high from November 24.
U.S. economic growth in the third quarter is expected to be revised down to 3.3%, compared to an initial estimate of 3.5%.
The U.S. will also publish a closely-watched report on consumer confidence for November.
Meanwhile, traders continued to weigh whether a surprise rate cut in China last week would translate into increased demand for the industrial metal.
The move came in response to recent signs of a slowdown in the world’s second-largest economy.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
Comex copper prices have been under pressure in recent weeks amid mounting concerns over the health of the global economy.
Copper is sensitive to the economic growth outlook because of its widespread uses across industries.
Elsewhere on the Comex, gold futures for February delivery tacked on $1.60, or 0.13%, to trade at $1,198.20 a troy ounce, while silver futures for March delivery advanced 15.8 cents, or 0.96% to trade at $16.59 an ounce.
Gold prices are likely to remain vulnerable in the near-term amid indications a strengthening U.S. economic recovery will force the Federal Reserve to start raising interest rates sooner and faster than previously thought.
Meanwhile, the euro remained under pressure after European Central Bank President Mario Draghi reiterated last week that the central bank is ready to expand its stimulus program to raise inflation as quickly as possible.
The ECB's current stimulus program includes purchases of asset-backed securities and covered bonds, though markets are keeping a close eye out for plans to announce purchases of government debt, a stimulus tool known as quantitative easing.
The US dollar index, which tracks the greenback against a basket of six major rivals, rose 0.1% to hit 88.27, not far from Monday's four-year high of 88.52.