A tender U.S. dollar prompted copper futures to advance on Tuesday as the base metal broke its lengthiest bearish trend in 18 years, according to Bloomberg.
China, the top consumer of the reddish metal, has released underwhelming economic data that has tugged down copper futures. The Asian nation accounts for an estimated 40 percent of the globe's supply of copper. Prior to Tuesday, copper futures dropped for nine-straight days.
"Most of the selloff was due to declining data coming out of China and the strength of the dollar," senior market strategist Brian Booth with Long Leaf Trading Group in Chicago told the news source on Tuesday. "Today's rally could be because of a weaker dollar. It's also a technical bounce."
At 10:26 a.m. on Tuesday, copper futures edged up 0.28 percent, a 0.009-cent climb to $3.1925 per pound.
Reuters reports U.S. manufacturing dropped last month after orders fell the most since 1981. Spending on construction hardly rose during the final month of last year, which initially caused concerns about prospects of the world's largest economy as the new year approached.
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