MTECHTIPS;-Copper futures little changed in holiday-thinned trade

MTECHTIPS;-Copper futures little changed in holiday-thinned trade

Copper futures were little changed in holiday-thinned trade on Monday, as concerns over the global economic outlook and the impact on future copper demand prospects weighed.On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded at USD3.305 a pound during European morning trade, up 0.25% on the day.New York-traded copper prices held in a range between USD3.283 a pound, the session low and a daily high of USD3.309 a pound.Trade was expected to remain thin on Monday with Comex floor trading closed in observance of Memorial Day, while the London Metal Exchange will be closed for a bank holiday.Copper prices were supported due to a slightly weaker U.S. dollar, as dollar-priced commodities become cheaper to investors holding other currencies when the greenback weakens.The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was down 0.15% to trade at 83.57.But gains were limited amid concerns over China’s economic outlook after data last week showed that manufacturing activity in China contracted for the first time in seven months in May.China’s HSBC Flash Purchasing Managers Index, the earliest indicator of the country's industrial activity, fell to a seven-month low of 49.6 in May from a final reading of 50.4 in April.

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