Investing.com - Copper prices rose to a one-week high on Wednesday, as hopes of fresh stimulus from the European Central Bank lifted sentiment.
On the Comex division of the New York Mercantile Exchange, copper for December delivery rose to a session high of $3.045 a pound, the most since September 15.
Prices last traded at $3.036 a pound during European morning hours, up 0.8 cents, or 0.26%.
A day earlier, copper rose 4.0 cents, or 1.34%, to settle at $3.028 a pound.
Futures were likely to find support at $2.974, the low from October 21, and resistance at $3.054, the high from October 13.
Reuters reported Tuesday that the ECB is considering buying corporate bonds and could decide on the matter as soon as December.
The move would add to covered bond purchases the central bank began earlier this week in an effort to increase liquidity in the region and spur economic activity.
Europe as a region is third in global demand for the industrial metal.
Meanwhile, copper traders awaited China's HSBC's flash manufacturing purchasing manager's index report for September on Thursday for fresh indications on the health of the economy.
A government report on Tuesday said 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.
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 shed $4.50, or 0.36%, to trade at $1,247.20 a troy ounce, while silver futures for December delivery declined 19.1 cents, or 1.09% to trade at $17.35 an ounce.
Market players looked ahead to the release of key U.S. data later in the session for further indications on the strength of the economy and the future path of monetary policy.
The U.S. is slated to produce a report on consumer price inflation for September later Wednesday.
Data on Tuesday showed that U.S. existing home sales rose to a one-year high in September, indicating that the economic recovery maintained momentum.