Investing.com - Copper futures were higher on Monday, after upbeat economic data out of China added to indications that the world’s second largest economy is recovering from a slowdown.
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.282 a pound during European morning trade, up 0.65%.
Copper prices traded in a range between USD3.259 a pound, the daily low and a session high of USD3.293 a pound. The December contract settled 0.55% higher at USD3.261 a pound on Friday.
Copper prices were likely to find support at USD3.221 a pound, the low from September 5 and resistance at USD3.323 a pound, the high from September 3.
The Chinese National Bureau of Statistics said earlier that consumer price inflation rose 2.6% in August, in line with expectations and slowing from 2.7% in July.
The inflation report came one day after data showed that China’s trade balance widened more-than-expected in August, easing concerns over a slowdown in the world’s second-largest economy.
Official trade data released on Sunday showed that China’s trade surplus widened to USD28.6 billion from a surplus of USD17.8 billion in July, compared to estimates for a surplus of USD20 billion.
Chinese exports rose 7.2% from a year earlier in August, beating expectations for a 6% increase and following a 5.1% gain in July.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
Meanwhile, in Japan, data showed that Japan’s economy grew by a seasonally adjusted 3.8%, well above the prior estimate of growth of 2.6%.
Sentiment was also boosted after Tokyo was chosen Saturday by the International Olympic Committee to host the 2020 Summer Olympics, beating Istanbul and Madrid.
Investors continued to speculate over the timing of the Federal Reserve’s widely expected reduction in monthly bond purchases following Friday’s weaker-than-forecast U.S. jobs report.
The Department of Labor said the U.S. economy added 169,000 jobs in August, fewer than the 180,000 forecast by economists and jobs growth for the two previous months was also revised lower.
The report sparked renewed uncertainty over whether the Fed will start to unwind its USD85 billion-a-month asset purchase program at its upcoming policy meeting on September 17-18.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.
Elsewhere on the Comex, gold for December delivery was little changed to trade at USD1,386.80 a troy ounce, while silver for December delivery shed 0.6% to trade at USD23.74.
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.282 a pound during European morning trade, up 0.65%.
Copper prices traded in a range between USD3.259 a pound, the daily low and a session high of USD3.293 a pound. The December contract settled 0.55% higher at USD3.261 a pound on Friday.
Copper prices were likely to find support at USD3.221 a pound, the low from September 5 and resistance at USD3.323 a pound, the high from September 3.
The Chinese National Bureau of Statistics said earlier that consumer price inflation rose 2.6% in August, in line with expectations and slowing from 2.7% in July.
The inflation report came one day after data showed that China’s trade balance widened more-than-expected in August, easing concerns over a slowdown in the world’s second-largest economy.
Official trade data released on Sunday showed that China’s trade surplus widened to USD28.6 billion from a surplus of USD17.8 billion in July, compared to estimates for a surplus of USD20 billion.
Chinese exports rose 7.2% from a year earlier in August, beating expectations for a 6% increase and following a 5.1% gain in July.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
Meanwhile, in Japan, data showed that Japan’s economy grew by a seasonally adjusted 3.8%, well above the prior estimate of growth of 2.6%.
Sentiment was also boosted after Tokyo was chosen Saturday by the International Olympic Committee to host the 2020 Summer Olympics, beating Istanbul and Madrid.
Investors continued to speculate over the timing of the Federal Reserve’s widely expected reduction in monthly bond purchases following Friday’s weaker-than-forecast U.S. jobs report.
The Department of Labor said the U.S. economy added 169,000 jobs in August, fewer than the 180,000 forecast by economists and jobs growth for the two previous months was also revised lower.
The report sparked renewed uncertainty over whether the Fed will start to unwind its USD85 billion-a-month asset purchase program at its upcoming policy meeting on September 17-18.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.
Elsewhere on the Comex, gold for December delivery was little changed to trade at USD1,386.80 a troy ounce, while silver for December delivery shed 0.6% to trade at USD23.74.