Investing.com - Copper futures inched higher on Monday, as investors shifted their focus from the resolution of the U.S. government showdown to the duration of the Federal Reserve’s bond-buying program.
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.307 a pound during European morning trade, up 0.25%.
Copper prices traded in a range between USD3.282 a pound, the daily low and a session high of USD3.311 a pound. The December contract settled 0.06% higher at USD3.299 a pound on Friday.
Copper prices were likely to find support at USD3.271 a pound, the low from October 17 and resistance at USD3.325 a pound, the high from October 16.
The dollar remained under pressure as concerns over the impact of the 16-day shutdown on the U.S. economic recovery fuelled expectations that the Fed would delay plans for rolling back its asset purchase program until at least the beginning of next year.
Investors were awaiting key U.S. data points later in the week in order to determine the impact of the government shutdown on the Fed's stimulus program.
The September nonfarm payrolls report, which had been originally scheduled for release on October 4, was due on Tuesday.
Copper traders have closely been looking out for U.S. data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases.
The central bank is scheduled to meet October 29-30 to review the economy and assess policy.
Sentiment also remained support after upbeat Chinese economic data released last week eased fears over the strength of the recovery in the world's second-largest economy.
China’s economy expanded at an annual rate of 7.8% in the third quarter, in line with expectations and up from 7.5% in the three months to June.
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 December delivery added 0.2% to trade at USD1,317.00 a troy ounce, while silver for December delivery rallied 1.15% to trade at USD22.15 a troy ounce.
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.307 a pound during European morning trade, up 0.25%.
Copper prices traded in a range between USD3.282 a pound, the daily low and a session high of USD3.311 a pound. The December contract settled 0.06% higher at USD3.299 a pound on Friday.
Copper prices were likely to find support at USD3.271 a pound, the low from October 17 and resistance at USD3.325 a pound, the high from October 16.
The dollar remained under pressure as concerns over the impact of the 16-day shutdown on the U.S. economic recovery fuelled expectations that the Fed would delay plans for rolling back its asset purchase program until at least the beginning of next year.
Investors were awaiting key U.S. data points later in the week in order to determine the impact of the government shutdown on the Fed's stimulus program.
The September nonfarm payrolls report, which had been originally scheduled for release on October 4, was due on Tuesday.
Copper traders have closely been looking out for U.S. data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases.
The central bank is scheduled to meet October 29-30 to review the economy and assess policy.
Sentiment also remained support after upbeat Chinese economic data released last week eased fears over the strength of the recovery in the world's second-largest economy.
China’s economy expanded at an annual rate of 7.8% in the third quarter, in line with expectations and up from 7.5% in the three months to June.
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 December delivery added 0.2% to trade at USD1,317.00 a troy ounce, while silver for December delivery rallied 1.15% to trade at USD22.15 a troy ounce.