MTECHTIPS:-Copper turns higher after sinking to new 7-year low, China GDP ahead

MTECHTIPS:-Copper turns higher after sinking to new 7-year low, China GDP ahead

Copper prices bounced back from a new seven-year low in Europe trade on Monday, but gains remained limited amid ongoing concerns over the health of the global economy. The red metal is sensitive to the economic growth outlook because of its widespread uses across industries. Copper for March delivery on the Comex division of the New York Mercantile Exchange sank to a session low of $1.935 a pound, a level not seen since March 2009, before recovering to trade at $1.965 by 08:50 GMT, or 3:50AM ET, up 1.7 cents, or 0.85%. Prices of the red metal plunged 7.9 cents, or 3.9%, last week, as an ongoing meltdown on China’s stock market rattled investor sentiment. Copper is down nearly 8.5% in 2016 as investors slashed holdings of the red metal amid persistent worries over an economic slowdown in China. China is scheduled to release data on fourth quarter gross domestic product on Tuesday. The report is expected to show the world's second largest economy grew 6.8% in the final three months of last year, slowing from growth of 6.9% in the preceding quarter. The Asian nation will also publish data on December industrial production, fixed asset investment and retail sales along with the GDP report.

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