MTECHTIPS:-Copper wallows near 4-week low ahead of U.S. data
MTECHTIPS:-Copper wallows near 4-week low ahead of U.S. data
Copper prices held near a four-week low on Thursday, as investors looked ahead to the release of key data later in the session for further indications over the timing of a U.S. rate increase and the strength of the economy. On the Comex division of the New York Mercantile Exchange, copper for July delivery inched up 0.5 cents, or 0.18%, to trade at $2.774 a pound during European morning hours. Futures were likely to find support at $2.753, the low from April 28, and resistance at $2.834, the high from May 26. A day earlier, copper prices slumped to $2.758, the weakest level since April 28, before settling at $2.768, down 0.9 cents, or 0.34%, as the U.S. dollar rallied amid speculation the Federal Reserve was on track to raise interest rates in September. Economic data released in the past week, including reports on inflation, new home sales, business investment and consumer confidence all indicated that the economy is gaining momentum after a slowdown in the first quarter, supporting the case for higher interest rates later this year. Later in the day, the U.S. was to release the weekly report on unemployment claims, as well as data on pending home sales, as investors look for fresh indications on how the economy is performing. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slid 0.25% to 97.10 from Wednesday’s five week peaks of 97.88. Elsewhere, gold futures for August delivery tacked on $3.80, or 0.32%, to trade at $1,190.30 a troy ounce, while silver futures for July delivery advanced 8.1 cents, or 0.49% to trade at $16.72 an ounce. On Wednesday, gold fell to $1,183.90, the lowest level since May 12, before ending at $1,186.50, down $1.30, or 0.11%, amid growing expectations that the Federal Reserve would raise interest rates after the summer.
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