Investing.com - Copper futures swung between small gains and losses on Thursday, as investors looked ahead to key data out of the U.S. and China to gauge the strength of the world’s two largest economies.
On the Comex division of the New York Mercantile Exchange, copper for September delivery eased up 0.19%, or 0.6 cents, to trade at $3.248 a pound during European morning hours.
Prices held in a tight range between $3.230 and $3.248 a pound. Copper ended Wednesday’s session up 0.7%, or 2.2 cents, to settle at $3.241 a pound.
Futures were likely to find support at $3.205, the low from July 30 and resistance at $3.262, July 30’s high.
The U.S. was to release the weekly report on initial jobless claims later in the day, as well as data on manufacturing activity in the Chicago area.
Investors also turned their attention to Friday’s U.S. jobs report for July, which was expected to indicate that the recovery in the labor market is continuing.
A Commerce Department report released Wednesday showed that the U.S. economy grew at a 4% annualized rate in the second quarter, above forecasts for growth of 3%, after contracting by 2.1% in the first three months of the year.
Also Wednesday, the Federal Reserve tapered its monthly bond-buying program by another $10 billion, staying on pace to end the purchase program in October, and gave an upbeat assessment of the economy at the end of its two-day meeting.
Meanwhile, copper traders looked ahead to key Chinese economic data on July manufacturing activity, due on Friday.
Market players consider shifts in the country’s factory activity an indicator of China's copper demand, as the industrial metal is widely used by the sector.
Elsewhere on the Comex, gold for December delivery tacked on 0.01%, or 10 cents, to trade at $1,297.00 a troy ounce, while silver for September delivery picked up 0.78%, or 16.1 cents, to trade at $20.75 an ounce.