Investing.com - Copper futures were little changed near a
one-week high on Monday, as investors looked ahead to key economic
data out of China later in the week to gauge the strength of the
world's second largest economy.
On the Comex division of the New York Mercantile Exchange,
copper futures for March delivery hit USD3.253 a pound, the most
since January 20, before trimming gains to trade at USD3.238 a
pound during European morning hours, up 0.05%.
The March copper contract ended Friday's session up 0.22% to
settle at USD3.236 a pound.
Futures were likely to find support at USD3.191 a pound, the low
from February 6 and resistance at USD3.258 a pound, the high from
On Thursday, China will release its monthly trade data, which
will be followed by inflation numbers Friday. The Asian nation is
the world's largest copper consumer, accounting for almost 40% of
world consumption last year.
Meanwhile, in the U.S., data on Friday showed that the economy
added 113,000 jobs in January, well below expectations for jobs
growth of 185,000, after December's lackluster gain of 75,000
It was the weakest two-month stretch of job creation in three
years as inclement weather contributed to a slowdown in hiring.
Yet the report also showed that the number of people
participating in the labor force edged up to 63% from a 30-year low
of 62.8% last month, while the unemployment rate unexpectedly
ticked down to a five year low 6.6% from 6.7% in December.
Market players now looked ahead to Congressional testimony from
new Federal Reserve Chair Janet Yellen later in the week for clues
regarding the future of course of U.S. monetary policy.
The Fed tapered its monthly asset purchase program by another
USD10 billion to USD65 billion a month at its last policy
Elsewhere on the Comex, gold for April delivery rose 0.8% to
trade at USD1,272.90 a troy ounce, while silver for March delivery
advanced 1.1% to trade at USD20.15 a troy ounce.
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