Copper falls to 2-week low ahead of Yellen testimony

                      Copper futures fell to a two-week low on Tuesday, as markets were jittery ahead of highly anticipated comments by Federal Reserve Chair Janet Yellen later in the day.

On the Comex division of the New York Mercantile Exchange, copper for September delivery hit a session low of $3.224 a pound, the weakest level since July 2, before trimming losses to last trade at $3.248 during European morning hours, down 0.04%, or 0.1 cents.

Copper prices ended Monday’s session down 0.61%, or 2.0 cents, to settle at $3.249 a pound.

Futures were likely to find support at $3.183 a pound, the low from July 2 and resistance at $3.294 a pound, the high from July 14.

Market players remained cautious before Fed Chair Yellen testifies before Congress at 10:00 a.m. Eastern, amid speculation over when the central bank will start raising interest rates.

Before that, retail sales for June and the New York Fed Empire manufacturing index for July will be released.

In the minutes of the Fed's June policy meeting released last week, the Fed predicted an October close to its bond-buying stimulus program but did not hint at a timetable as to when interest rates may begin to rise afterwards.

Copper traders also looked ahead to a raft of Chinese economic data later this week, including reports on second quarter gross domestic product, industrial production and retail sales.

The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption.

Elsewhere on the Comex, gold for August delivery inched up 0.41%, or $5.40, to trade at $1,312.10 a troy ounce, while silver for September delivery advanced 0.52%, or 10.9 cents, to trade at $21.02 an ounce. - investing.com