Investing.com - Copper futures came under heavy selling pressure on Tuesday, as investors remained concerned over the economic outlook in China and its impact on Chinese copper demand.
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 July delivery traded at USD3.310 a pound during European morning trade, down 1.5% on the day.
New York-traded copper prices fell by as much as 1.8% earlier in the session to hit a daily low of USD3.302 a pound, the weakest level since May 8.
Official data released Monday showed that industrial production in China rose 9.3% in April, below expectations for a 9.5% increase and following an 8.9% rise the previous month.
Copper traders have long been taking cues from Chinese industrial production figures as an indicator of China's copper demand, as the industrial metal is widely used by the sector.
Market players are now looking ahead to a flurry of U.S. economic data later in the week, including reports on industrial production, housing starts, inflation and economic sentiment.
The U.S. is second behind China in global copper demand.
Elsewhere on the Comex, gold for June delivery eased up 0.2% to trade at USD1,437.45 a troy ounce, while silver for July delivery shed 0.2% to trade at USD23.65 a troy ounce.
Gold futures edged higher for the first time in four days on Tuesday, as a broadly weaker U.S. dollar prompted investors to return to the market to seek cheap valuations.
Gains were limited as investors continued to speculate over an earlier-than-expected end to the Federal Reserve’s quantitative easing program.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.
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 July delivery traded at USD3.310 a pound during European morning trade, down 1.5% on the day.
New York-traded copper prices fell by as much as 1.8% earlier in the session to hit a daily low of USD3.302 a pound, the weakest level since May 8.
Official data released Monday showed that industrial production in China rose 9.3% in April, below expectations for a 9.5% increase and following an 8.9% rise the previous month.
Copper traders have long been taking cues from Chinese industrial production figures as an indicator of China's copper demand, as the industrial metal is widely used by the sector.
Market players are now looking ahead to a flurry of U.S. economic data later in the week, including reports on industrial production, housing starts, inflation and economic sentiment.
The U.S. is second behind China in global copper demand.
Elsewhere on the Comex, gold for June delivery eased up 0.2% to trade at USD1,437.45 a troy ounce, while silver for July delivery shed 0.2% to trade at USD23.65 a troy ounce.
Gold futures edged higher for the first time in four days on Tuesday, as a broadly weaker U.S. dollar prompted investors to return to the market to seek cheap valuations.
Gains were limited as investors continued to speculate over an earlier-than-expected end to the Federal Reserve’s quantitative easing program.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.