Copper futures trade near 4-week low; eyes on U.S. data, ECB

Investing.com - Copper futures traded near a four-week low on Thursday, as investors looked ahead to upcoming U.S. economic data and a policy meeting by the European Central Bank.

On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.242 a pound during European morning trade, up 0.15%.

Copper prices traded in a range between USD3.238 a pound, the session low and a daily high of USD3.255 a pound.

The December contract fell to USD3.222 a pound on Wednesday, the weakest level since October 10, before settling at USD3.237 a pound, down 0.66%.

Copper prices were likely to find support at USD3.216 a pound, the low from October 10 and resistance at USD3.277 a pound, the high from November 6.

Market players looked ahead to the release of key U.S. economic data later in the day to help assess the timing for a reduction in the Federal Reserve’s bond-purchasing program.

The U.S. is set to release preliminary data on third quarter economic growth later in the day, while October’s highly-anticipated nonfarm payrolls report is scheduled for Friday.

Investors will also be awaiting the outcome of the ECB’s policy meeting later Thursday.

While no policy change was expected from the central bank, many investors expected the ECB to signal the possibility of further monetary policy easing at its meeting in December.

Meanwhile, copper traders also looked ahead to an important Communist Party meeting in China later in the week.

China’s top Communist Party officials will meet in Beijing from November 9-12, amid expectations that the country’s new government will unveil economic reforms.

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 shed 0.1% to trade at USD1,316.20 a troy ounce, while silver for December delivery inched up 0.1% to trade at USD21.79 a troy ounce.