Investing.com - Copper prices edged lower on final trading day of the first quarter on Monday, but losses were limited as hopes for fresh economic stimulus in China lent support.
On the Comex division of the New York Mercantile Exchange, copper for May delivery held in a range between $3.026 a pound and $3.050 a pound, which was the highest level since March 11.
Copper last traded at $3.031 a pound during European morning hours, down 0.34%, or 1.0 cent.
Copper rallied 1.62%, or 4.8 cents, on Friday to settle at $3.041 a pound.
Futures were likely to find support at $2.962 a pound, the low from March 27 and resistance at $3.056 a pound, the high from March 11.
Copper remained supported amid indications that China’s government is prepared to do more to shore up the cooling economy after China''s premier Li Keqiang said Friday that the country has policies in place to counter economic volatility.
The remarks helped ease concerns over recent signs of a slowdown in the world’s second-largest economy.
Investors now looked ahead to key Chinese manufacturing data due on Tuesday.
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 fell 0.02%, or 30 cents, to trade at $1,294.00 a troy ounce, while silver for May delivery picked up 0.48%, or 9.5 cents, to trade at $19.88 an ounce.
Traders awaited Friday’s U.S. nonfarm payrolls report for March, amid expectations for jobs growth of 200,000, after 175,000 jobs were added in February.
Gold and silver have been under heavy selling pressure in recent sessions amid growing expectations that the Federal Reserve will raise interest rates sooner than expected.
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