Investing.com - Copper prices declined during European morning trade on Tuesday, after data showed that China's economy grew at the slowest pace in more than five years during the third quarter.
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at $2.978 a pound during European morning hours, down 0.9 cents, or 0.29%.
A day earlier, copper prices lost 1.5 cents, or 0.52%, to settle at $2.988 a pound.
Futures were likely to find support at $2.951, the low from October 17, and resistance at $3.017, the high from October 20.
Official data released earlier showed that China’s economy expanded at an annual rate of 7.3% in the third quarter, down from growth of 7.5% in the preceding quarter.
While the figure exceeded market expectations of 7.2%, it was also the slowest expansion since the first quarter of 2009.
A separate report showed that industrial production rose by an annualized rate of 8.0% in September, compared to forecasts for a 7.5% increase, after a 6.9% gain in the previous month.
Fixed asset investment and retail sales figures were weaker than expected, indicating that the recovery remains fragile and may require further monetary stimulus.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption.
Elsewhere on the Comex, gold futures for December delivery tacked on $5.20, or 0.42%, to trade at $1,249.90 a troy ounce, while silver futures for December delivery picked up 12.4 cents, or 0.71% to trade at $17.47 an ounce.
Gold prices remained supported 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.