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Copper under pressure after mixed China data

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Investing.com -

Investing.com - Copper futures were lower on Tuesday, as investors digested mixed data on China's economy.

On the Comex division of the New York Mercantile Exchange, copper for July delivery declined 1.06%, or 3.4 cents to trade at $3.137 a pound during European morning hours.

Copper held in a range between $3.137 and $3.169 a pound. The red metal rallied to $3.173 on Monday, the most since May 29, before settling at $.3170, up 1.5%, or 4.7 cents.

Futures were likely to find support at $3.120 a pound, the low from May 30 and resistance at $3.176 a pound, the high from May 29.

China's final HSBC Purchasing Managers Index for May released earlier came in at 49.4, down from a preliminary estimate of 49.7, but higher then April's reading of 48.1.

A separate report showed that activity in the country's services sector improved to a six-month high in May. Chinese non-manufacturing PMI rose to 55.5 from 54.8 in April.

The Asian nation is the world's largest copper consumer.

Elsewhere on the Comex, gold for August delivery added 0.05%, or 60 cents, to trade at $1,244.60 a troy ounce, while silver for July delivery picked up 0.35%, or 6.6 cents, to trade at $18.80 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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