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10 Dec 2014
Comex Copper extends decline
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, extended slide ahead of the US session despite stabilizing equity market sentiment and a weak US dollar.
Copper now trades 0.72% lower at USD 2.907/pound, compared to the previous session’s close of USD 2.928/pound. The metal came under pressure earlier today on growth concerns of a slowdown in China, the world’s second largest economy and largest importer of Copper. A government data released earlier today showed Chinese consumer price inflation for November slowed to 1.4%, the lowest since November 2009. Earlier this week, another data also showed a sharp fall in Chinese imports.
Meanwhile, the absence of any major macro data out of the US today leaves the metal at the mercy of overall market sentiment.
Copper Technical Levels
Copper has an immediate resistance located at 2.935, above which another resistance is seen at 2.95 levels. Meanwhile, support is seen at 2.898 and 2.865 levels.
Copper now trades 0.72% lower at USD 2.907/pound, compared to the previous session’s close of USD 2.928/pound. The metal came under pressure earlier today on growth concerns of a slowdown in China, the world’s second largest economy and largest importer of Copper. A government data released earlier today showed Chinese consumer price inflation for November slowed to 1.4%, the lowest since November 2009. Earlier this week, another data also showed a sharp fall in Chinese imports.
Meanwhile, the absence of any major macro data out of the US today leaves the metal at the mercy of overall market sentiment.
Copper Technical Levels
Copper has an immediate resistance located at 2.935, above which another resistance is seen at 2.95 levels. Meanwhile, support is seen at 2.898 and 2.865 levels.