Copper futures edge lower

Copper futures edged lower during European morning trade on Wednesday, as worries about the strength of global growth drove down prices. Copper slumps as global growth concerns weigh On the Comex division of the New York Mercantile Exchange, copper for December delivery traded at $3.025 a pound during European morning hours, down 1.4 cents, or 0.45%. A day earlier, copper prices tacked on 0.3 cents, or 0.12%, to settle at $3.039. Futures were likely to find support at $2.991, the low from October 6, and resistance at $3.049, the high from October 1. The International Monetary Fund cut its global economic growth forecasts for the third time this year on Tuesday and warned that the recovery remains weak and uneven. The organization is now forecasting global economic growth of 3.3% this year, down from 3.4% in July and expects growth of 3.8% in 2015, compared to an earlier prediction of 4.0%, according to investing.com