Copper futures edge higher ahead of China Plenum meeting outcome

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Investing.com - " Copper futures edged higher on Monday, after upbeat Chinese factory output data boosted future demand expectations from the world's largest copper consumer.

The Asian nation is the world's largest copper consumer, accounting for almost 40% of world consumption last year.

On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.263 a pound during European morning trade, up 0.3%.

Copper prices traded in a range between USD3.257 a pound, the session low and a daily high of USD3.276 a pound.

The December contract settled 0.17% higher on Friday to end at USD3.254 a pound.

Copper prices were likely to find support at USD3.222 a pound, the low from November 6 and resistance at USD3.308 a pound, the high from November 4.

Copper futures were boosted after data released over the weekend showed that Chinese industrial output rose more-than-forecast in October, while consumer price inflation inched up modestly.

Industrial production rose 10.3% last month, beating expectations for a 10.0% increase, while CPI inched up to 3.2% from 3.1% in September.

Market players now looked ahead to the outcome of a four-day meeting of China's top Communist Party officials on Tuesday, amid expectations that the country's new government will unveil economic reforms.

Gains were limited amid speculation the Federal Reserve will begin tapering its asset purchase program at its December policy meeting.

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 shed 0.25% to trade at USD1,281.30 a troy ounce, while silver for December delivery was little changed to trade at USD21.32 a troy ounce.

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This article appears in: Investing , Forex and Currencies

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