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The Jerusalem Post - Israel News
 
Copper under pressure after mixed China data
By INVESTING.COM
06/03/2014
 
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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