(RTTNews) - Copper prices moved higher on Tuesday, recovering some of its recent losses. Encouraging factory orders data and a strike in Cuba boosted the metal.

December-stamped copper futures rose $2.956 a pound, up 1 cent for the session.

On the economic front on Tuesday, a Commerce Department report showed that factory orders increased by 0.9 percent in September following an unrevised 0.8 percent decrease in August. The increase in orders came in slightly above economist estimates for an increase of about 0.8 percent.

Meanwhile, the strike at a BHP Billiton mine in Cuba continued after officials failed to reach an agreement.

The Federal Open Market Committee’s two-day policy meeting begins. Rates are expected to be left unchanged near zero for the foreseeable future, but traders will watch accompanying comments for clues on future moves.

Earlier, the ADP employment report is due at 8:15 a.m. ET. Jobs are expected to decline 190,000 in October, compared to a drop of 254,000 in September.

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Posted in Categories: Economy, Releases.

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