Investing.com - Copper prices traded near the previous session’s 11-week high on Tuesday, as concerns over a disruption to supplies continued to support prices.
On the Comex division of the New York Mercantile Exchange, copper for July delivery dipped 0.09%, or 0.3 cents, to trade at $3.164 a pound during European morning hours.
Copper held in a range between $3.158 and $3.177 a pound. Prices rallied to $3.184 on Monday, the most since March 7, before settling at $3.167, up 0.64%, or 2.0 cents.
Futures were likely to find support at $3.127 a pound, the low from May 16 and resistance at $3.184 a pound, the high from May 20.
Copper prices have been well-supported in recent sessions amid growing concerns about a short-term shortfall in supply.
According to data from the London Metal Exchange, copper stored in the LME’s global warehousing network, the world's largest metals storage network, have fallen 49% from the start of the year to 186,525 metric tons as of last week, the lowest level since September 2008.
Meanwhile, market players looked ahead to the minutes from the Federal Reserve's latest monetary policy meeting, due for release on Wednesday, for insight on the central bank's view of the economy.
Later Tuesday, Federal Reserve Bank of Philadelphia Charles Plosser and Federal Reserve Bank of New York President William Dudley are to speak.
Elsewhere on the Comex, gold for June delivery dipped 0.21%, or $2.70, to trade at $1,291.10 a troy ounce, while silver for July delivery declined 0.16%, or 3.1 cents, to trade at $19.32 an ounce.
Heightened tensions between Russia and Ukraine remained in focus. The conflict between pro-Russian separatists and Ukrainian forces in the eastern reaches of the country continued on Monday, resulting in the death of one Ukrainian soldier.
Ukraine will hold presidential elections on May 25, and concerns persist that Russia will meddle in the voting and escalate the crisis. U.S. and European officials have already warned that Russia would face additional sanctions if Moscow disrupts the upcoming elections.