Investing.com - Copper futures traded near a four-month high on Tuesday, as growing optimism over the health of the U.S. economy supported prices.
On the Comex division of the New York Mercantile Exchange, copper for September delivery tacked on 0.48%, or 1.6 cents, to trade at $3.277 a pound during European morning hours. Prices held in a range between $3.248 and $3.278 a pound.
Futures were likely to find support at $3.237 a pound, the low from July 7 and resistance at $3.294 a pound, the high from February 21.
Investors turned their attention to Wednesdays’ minutes of the Federal Reserve’s June meeting, after robust nonfarm payrolls data released last week revived speculation over when the central bank may start to raise interest rates.
Market players also looked ahead to Chinese data on June consumer price inflation on Wednesday.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption.
Elsewhere on the Comex, gold for August delivery inched up 0.24%, or $3.20, to trade at $1,320.20 a troy ounce, while silver for September delivery advanced 0.42%, or 8.9 cents, to trade at $21.10 an ounce.
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