Investing.com - Copper futures edged lower on Tuesday, as
investors digested disappointing manufacturing data out of China
and after U.S. lawmakers missed a deadline to avert a government
On the Comex division of the New York Mercantile Exchange, copper
futures for December delivery traded at USD3.314 a pound during
European morning trade, down 0.3%.
Copper prices traded in a range between USD3.313 a pound, the daily
low and a session high of USD3.337 a pound. The December contract
settled 0.2% lower at USD3.323 a pound on Monday.
Copper prices were likely to find support at USD3.261 a pound, the
low from September 26 and resistance at USD3.359 a pound, the high
from September 20.
In China, government data released earlier in the day showed that
the nation's official manufacturing purchasing managers' index
inched up to 51.1 in September from 51.0 in August, missing
forecasts for 51.5.
The disappointing data indicated that the recovery in the world's
second largest economy remains fragile.
Copper traders consider shifts in the PMI an indicator of China's
copper demand, as the industrial metal is widely used by the
The Asian nation is the world's largest copper consumer, accounting
for almost 40% of world consumption last year.
Separately, the U.S. government began a partial shutdown after
lawmakers failed to reach an agreement on a new budget before
Monday's midnight deadline. It is the first government shutdown in
the U.S. since 1996.
Lawmakers are expected to continue negotiating a funding measure
later in the day in hopes of reaching a compromise.
Republicans have insisted on delaying the implementation of
President Obama's health care reforms as a condition for passing
Later this month, Congress will have to extend the U.S. debt
ceiling which the U.S. Treasury Department has estimated will be
reached by October 17.
Moody's Investors Service warned that a failure to raise the debt
limit would result in a worse outcome for financial markets than a
Elsewhere on the Comex, gold for December delivery advanced 0.4% to
trade at USD1,332.20 a troy ounce, while silver for December
delivery inched up 0.45% to trade at USD21.81 a troy ounce.
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