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Copper futures edge higher ahead of U.S. ADP jobs report

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Investing.com - Copper futures gained on Wednesday, hitting a two-week high as markets eyed the release of U.S. employment data later in the day, amid ongoing uncertainty over the future of the Federal Reserve's stimulus program.

On the Comex division of the New York Mercantile Exchange, copper futures for September delivery traded at USD3.159 a pound during European morning trade, up 0.5% on the day.

New York-traded copper prices rose by as much as 0.8% earlier in the session to hit a daily high of USD3.169 a pound, the strongest level since June 19.

The U.S. was to release the ADP report on nonfarm payrolls later Wednesday, as well as the weekly government report on initial jobless claims, which comes out a day earlier than usual due to Thursday's Fourth of July holiday.

The country was also slated to produce data on the trade balance, while the ISM was to produce a report on U.S. service sector activity.

Market players also looked ahead to Friday's highly-anticipated U.S. nonfarm payrolls data for indications of how the recovery in the U.S. labor market is progressing.

Any improvement in the U.S. economy was likely to reinforce the view that the Federal Reserve will begin to taper its bond purchase program in the coming months.

Market players shrugged off weaker-than-expected services sector data out of China.

A government report released earlier in the day showed that China's non-manufacturing purchasing managers' index inched down to 53.9 in June from 54.3 in May.

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

Elsewhere on the Comex, gold for August delivery rose 0.35% to trade at USD1,247.75 a troy ounce, while silver for September delivery added 1.2% to trade at USD19.54 a troy ounce.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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