Investing.com - Copper prices rebounded from the previous day’s sharp decline on Tuesday, but gains remained limited amid ongoing concerns over the health of China’s economy.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
On the Comex division of the New York Mercantile Exchange, copper futures for May delivery held in a range between $3.023 a pound and $3.057 a pound.
Copper last traded at $3.045 a pound during European morning hours, up 0.45%, or $0.014 cents.
The May copper contract tumbled to $2.995 a pound on Monday, the lowest since June 25, before trimming losses to end at $3.031 a pound, down 1.65%, or $0.051 cents.
Futures were likely to find support at $2.995 a pound, the low from March 10 and resistance at $3.077 a pound, the high from March 10.
Investors remained cautious after data released over the weekend showed that Chinese exports fell 18.1% on a year-over-year basis in February, confounding expectations for a 6.8% increase, following a rise of 10.6% in January.
The significant decline in China’s exports led to a deficit of $22.98 billion last month, compared to a surplus of $31.86 billion in January. Analysts had expected a surplus of $14.5 billion in February.
The downbeat data highlighted concerns about slowing growth in the world''s biggest consumer of the industrial metal.
Elsewhere on the Comex, gold for April delivery rose 0.5% to trade at $1,348.50 a troy ounce, while silver for May delivery picked up 0.6% to trade at $21.03 a troy ounce.
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