Investing.com - Copper futures swung between small gains and losses on Thursday, as investors weighed upbeat data on non-manufacturing activity in China while continuing to monitor political wrangling in Washington.
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.310 a pound during European morning trade, down 0.15%.
Copper prices traded in a range between USD3.307 a pound, the daily low and a session high of USD3.325 a pound. The December contract settled 1.3% higher at USD3.316 a pound on Wednesday.
Copper prices were likely to find support at USD3.249 a pound, Wednesday’s low and resistance at USD3.339 a pound, the high from September 30.
In China, a government report showed that the nation’s non-manufacturing purchasing managers' index climbed to a six-month high of 55.4 in September from 53.9 in August.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
However, gains were limited as investors remained concerned over the impact of a protracted U.S. government shutdown on fourth quarter economic growth.
President Barack Obama met with Republican and Democratic leaders in Congress on Wednesday, although a solution still seemed unlikely.
Markets were also mulling over how the political deadlock in Washington will impact on negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by October 17.
Moody's Investors Service warned last month that a failure to raise the debt limit would result in a worse outcome for financial markets than a government shutdown.
Elsewhere on the Comex, gold for December delivery fell 0.8% to trade at USD1,309.70 a troy ounce, while silver for December delivery dropped 1.3% to trade at USD21.61 a troy ounce.
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.310 a pound during European morning trade, down 0.15%.
Copper prices traded in a range between USD3.307 a pound, the daily low and a session high of USD3.325 a pound. The December contract settled 1.3% higher at USD3.316 a pound on Wednesday.
Copper prices were likely to find support at USD3.249 a pound, Wednesday’s low and resistance at USD3.339 a pound, the high from September 30.
In China, a government report showed that the nation’s non-manufacturing purchasing managers' index climbed to a six-month high of 55.4 in September from 53.9 in August.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
However, gains were limited as investors remained concerned over the impact of a protracted U.S. government shutdown on fourth quarter economic growth.
President Barack Obama met with Republican and Democratic leaders in Congress on Wednesday, although a solution still seemed unlikely.
Markets were also mulling over how the political deadlock in Washington will impact on negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by October 17.
Moody's Investors Service warned last month that a failure to raise the debt limit would result in a worse outcome for financial markets than a government shutdown.
Elsewhere on the Comex, gold for December delivery fell 0.8% to trade at USD1,309.70 a troy ounce, while silver for December delivery dropped 1.3% to trade at USD21.61 a troy ounce.