Investing.com - Copper futures fell to a one-week low on Thursday, as market players looked ahead to the release of revised U.S. first quarter growth data due later in the session.
On the Comex division of the New York Mercantile Exchange, copper for July delivery fell to a session low of $3.142 a pound, the weakest level since May 23, before trimming losses to last trade at $3.154 during European morning hours, down 0.61%, or 1.9 cents.
Copper ended Wednesday’s session down 0.13%, or 0.4 cents to settle at $3.173 a pound. Futures were likely to find support at $3.136 a pound, the low from May 23 and resistance at $3.190 a pound, the high from May 28.
U.S. GDP is expected to be revised to a negative print, as an unusually harsh winter weighed on the economy. Market analysts expect the data to reveal a contraction of 0.5% in the first three months of the year instead of a 0.1% increase as originally reported.
The U.S. will also publish the weekly government report on initial jobless claims as well as data on pending home sales for April.
Comex copper prices have been well-supported in recent weeks amid indications the U.S. economy is shaking off the effects of a weather-related slowdown over the winter.
Wall Street expects second quarter growth to snap back with a 3.8% gain.
Elsewhere on the Comex, gold for August delivery shed 0.49%, or $6.20, to trade at $1,253.50 a troy ounce, while silver for July delivery dropped 0.77%, or 14.6 cents, to trade at $18.91 an ounce.