Copper prices rose to a three-week high on Monday, as investors looked ahead to key Chinese economic data to further gauge the health of the world’s second largest economy.
Copper hit a session high of $3.124 a pound earlier, the most since April 28. Prices added 0.67%, or 2.0 cents, on Friday to settle at $3.083 a pound.On the Comex division of the New York Mercantile Exchange,copper for July delivery advanced 1.26%, or 3.9 cents, to trade at $3.122 a pound during European morning hours.
Futures were likely to find support at $3.052 a pound, the low from May 9 and resistance at $3.138 a pound, the high from April 28.
Copper traders looked ahead to a raft of Chinese economic data scheduled for Tuesday, including reports on industrial production and retail sales.
Data released last week showed that China’s surplus widened to $18.45 billion in April from a surplus of $7.7 billion in March, compared to estimates for a surplus of $13.9 billion.
Exports climbed 0.9% from a year earlier, beating expectations for a 1.7% decline and following a 6.6% drop in March. Imports rose 0.8%, compared to forecasts for a 2.3% decline and after plunging 11.3% in the previous month.
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 June delivery rose 0.22%, or $2.80, to trade at $1,290.40 a troy ounce, while silver for July delivery advanced 0.9%, or 17.2 cents, to trade at $19.29 an ounce.
Investors remained cautious after pro-Russian separatists claimed victory in a weekend referendum on self-rule in the eastern Ukrainian city of Donetsk, fuelling fears that the country is sliding closer to civil war. The vote has been condemned by Ukraine’s government and the West.
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