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Copper little changed ahead of U.S. retail sales data

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Investing.com -

Investing.com - Copper futures swung between small gains and losses on Thursday, as traders looked ahead to the release of key U.S. data later in the day for further indications on the strength of the economic recovery.

On the Comex division of the New York Mercantile Exchange, copper for July delivery held in a narrow range between $3.033 and $3.047 a pound. Prices last traded at $3.043 during European morning hours, up 0.07%, or 0.2 cents.

Copper lost 0.41%, or 1.2 cents, on Wednesday to settle at $3.040 a pound. Prices fell to a five-week low of $3.018 on Monday.

Futures were likely to find support at $3.018 a pound, the low from June 9 and resistance at $3.070 a pound, the high from June 11.

Market participants were looking ahead to U.S. data on jobless claims and retail sales later in the trading day, after recent economic reports have indicated that the economy is shaking off the effects of the severe winter.

Prices of the red metal have been under heavy selling pressure in recent sessions as traders worried about the outcome of a Chinese investigation into commodities-fueled financing deals that could hurt demand for the industrial metal.

Concerns about fraud in commodities markets spread to a second Chinese port of Penglai earlier this week after authorities began conducting a probe into allegations of fraud in the port of Qingdao last week.

Copper is used as collateral by companies and investors in China, in an effort to work around strict lending standards enforced by Beijing.

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 August delivery picked up 0.07%, or 90 cents, to trade at $1,262.10 a troy ounce, while silver for July delivery advanced 0.29%, or 5.6 cents, to trade at $19.22 an 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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