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Copper futures steady with U.S., China economic outlooks in focus

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Investing.com - Copper futures were steady in rangebound trade during European morning hours on Tuesday, as market players remained focus on the outlook for economic growth in the U.S. and China.

Traders were also cautious ahead of the start of the U.S. earnings season later in the day.

On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.676 a pound during European morning trade, little changed on the day.

New York-traded copper prices held in a range between USD3.664 a pound, the daily low and a session high of USD3.692 a pound. Futures rose to USD3.758 on January 3, the strongest level since October 18.

Copper futures rallied last week after U.S. lawmakers passed a last-minute bill to avoid the fiscal cliff, a series of looming tax increases and spending cuts that could have pushed the U.S. economy into a recession.

Focus was expected to remain on the U.S. economy, as investors remained jittery over the longer term fiscal outlook, with negotiations on raising the U.S. debt ceiling still to come in February.

Copper traders are also looking ahead to a flurry of Chinese economic data scheduled to come out later in the week.

The world's largest copper consumer will release monthly trade data on Thursday, while inflation figures are due on Friday.

Market players are also taking a wait-and-see approach ahead of a policy meeting by the European Central Bank on Thursday to see if the central bank will modify its benchmark interest rate.

Another closely watched development will be the Bank of England's monthly announcement on its key interest rate, also due Thursday.

Elsewhere on the Comex, gold for February delivery added 0.3% to trade at USD1,651.45 a troy ounce, while silver for March delivery rose 0.5% to trade at USD30.23 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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