Credit: Investing.com -
Investing.com - Copper futures edged lower during European morning trade on Tuesday, as weak German industrial production data added to fears over the outlook for the euro zone economy.
On the Comex division of the New York Mercantile Exchange, copper for December delivery traded at $3.030 a pound during European morning hours, down 0.5 cents, or 0.18%.
A day earlier, copper prices jumped 3.7 cents, or 1.23%, to settle at $3.035.
Futures were likely to find support at $2.991, the low from October 6, and resistance at $3.049, the high from October 1.
In the euro zone, data on Tuesday showed that industrial output in Germany dropped by 4.0% in August. It was the largest decline since early 2009 and was much worse than forecasts for a fall of 1.5%.
Production of new cars slumped by more than 25% month-over-month in August, the data showed.
The report came one day after data showed that German factory orders fell 5.7% in August, fuelling fears that the euro area's largest economy is falling into a recession.
Copper is sensitive to the economic growth outlook because of its widespread uses across industries.
Europe as a region is third in global demand for the industrial metal.
Elsewhere on the Comex, gold for December delivery inched up $2.20, or 0.18%, to trade at $1,209.50 a troy ounce, while silver for December delivery climbed 20.7 cents, or 1.2% to trade at $17.43 an ounce.
Market players were cautious ahead of the release of minutes from the Fed's September meeting on Wednesday, after upbeat U.S. employment data last week underlined optimism over the strength of the economy and fuelled expectations that the central bank will begin to raise rates sooner and faster than previously thought.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
