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Copper hits 3-week high ahead of China industrial output data

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Investing.com -

Investing.com - Copper prices rose to a three-week high on Monday, as investors looked ahead to key Chinese economic data to further gauge the health of the world's second largest economy.

On the Comex division of the New York Mercantile Exchange, copper for July delivery advanced 1.26%, or 3.9 cents, to trade at $3.122 a pound during European morning hours.

Copper hit a session high of $3.124 a pound earlier, the most since April 28. Prices added 0.67%, or 2.0 cents, on Friday to settle at $3.083 a pound.

Futures were likely to find support at $3.052 a pound, the low from May 9 and resistance at $3.138 a pound, the high from April 28.

Copper traders looked ahead to a raft of Chinese economic data scheduled for Tuesday, including reports on industrial production and retail sales.

Data released last week showed that China's surplus widened to $18.45 billion in April from a surplus of $7.7 billion in March, compared to estimates for a surplus of $13.9 billion.

Exports climbed 0.9% from a year earlier, beating expectations for a 1.7% decline and following a 6.6% drop in March. Imports rose 0.8%, compared to forecasts for a 2.3% decline and after plunging 11.3% in the previous month.

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

Elsewhere on the Comex, gold for June delivery rose 0.22%, or $2.80, to trade at $1,290.40 a troy ounce, while silver for July delivery advanced 0.9%, or 17.2 cents, to trade at $19.29 an ounce.

Investors remained cautious after pro-Russian separatists claimed victory in a weekend referendum on self-rule in the eastern Ukrainian city of Donetsk, fuelling fears that the country is sliding closer to civil war. The vote has been condemned by Ukraine's government and the West.

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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.

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