Copper edges lower as China economy concerns weigh

Copper futures edged lower on Wednesday, as ongoing concerns over the health of China’s economy dampened appetite for growth-linked assets.  On the Comex division of the New York Mercantile Exchange, copper for December delivery shed 0.08%, or 0.3 cents, to trade at $3.153 a pound during European morning hours. Prices held in a range between $3.144 and $3.167 a pound. A day earlier, copper futures lost 0.17%, or 0.5 cents, to end at $3.155 a pound. Futures were likely to find support at $3.140, the low from September 2 and resistance at $3.174 a pound, the high from September 2. Data released earlier in the week showed that factory growth in China slowed last month, indicating a recovery in the broader economy remains fragile and may need further government stimulus. China’s official manufacturing index ticked down to 51.1 from 51.7 in July, while the HSBC manufacturing index slowed to 50.2 from 50.3 the previous month, according to investing.com