Investing.com - Copper futures fluctuated between small gains and losses on Wednesday to hold near a three-week high struck earlier in the week, as markets eyed the release of key U.S. economic data later in the day.
On the Comex division of the New York Mercantile Exchange, copper for September eased down 0.05%, or 0.1 cents, to trade at $3.149 a pound during European morning hours. Futures held in a range between $3.133 and $3.152 a pound.
Copper ended Tuesday’s session up 0.05%, or 0.1 cents, to settle at $3.151. Futures were likely to find support at $3.117 a pound, the low from June 23 and resistance at $3.163 a pound, the high from June 23.
Market players looked ahead to key U.S. data on durable goods orders for May, as well as final data on first quarter growth later in the day.
The U.S. government’s third revision to the gross domestic product reading is expected to show a contraction of 1.7%. A reading last month had the economy shrinking 1%.
The outlook for the U.S. recovery was boosted after data on Tuesday showed that consumer confidence rose to the highest level since January 2008 in June, while existing home sales surged more than expected in May.
The robust data underlined the view that the U.S. economy was regaining traction after being slowed by unusually cold temperatures during the winter months.
Elsewhere on the Comex, gold for August delivery shed 0.56%, or $7.40, to trade at $1,313.90 a troy ounce, while silver for September delivery declined 0.9%, or 18.9 cents, to trade at $20.90 an ounce.
Concerns about ongoing violence in Iraq lingered after local media reported that Syrian warplanes struck targets in western Iraq late Tuesday, killing at least 50 people.
Fears began to grow the conflict will increase in duration and complexity, especially if the U.S. gets more involved.
Gold is often considered a haven during times of geopolitical turmoil.