10 Oct 2014
Copper declines on growth concerns
FXStreet (Mumbai) - Copper prices have edged lower today after prices failed to break above a key technical level yesterday. The metal is trading lower today on the Comex division of the New York Mercantile Exchange.
Copper for December delivery is trading 1.05% lower at USD 2.998/pound. The underlying weakness was evident yesterday as prices failed to capitalize on the “risk-on” rally in stock markets and declined after Germany, the biggest economy in the Eurozone and the third largest consumer of metals, reported a surprisingly weak export data. This raised concerns of a slowdown in the global economy, which resulted in Copper ending yesterday 0.65% lower from a high of 3.06.
Metal prices have also come under pressure today due to the rebound in the US Dollar index, which is trading 0.11% higher today at 85.75. Copper prices may slide further if the US Dollar continues to strengthen.
Copper Technical levels
Copper failed to sustain above 3.05 levels yesterday opening doors for a further sell-off. The metal has an immediate support of 2.986 (low of 2nd Oct, 2014), while the immediate resistance is located at daily high of 3.03.
Copper for December delivery is trading 1.05% lower at USD 2.998/pound. The underlying weakness was evident yesterday as prices failed to capitalize on the “risk-on” rally in stock markets and declined after Germany, the biggest economy in the Eurozone and the third largest consumer of metals, reported a surprisingly weak export data. This raised concerns of a slowdown in the global economy, which resulted in Copper ending yesterday 0.65% lower from a high of 3.06.
Metal prices have also come under pressure today due to the rebound in the US Dollar index, which is trading 0.11% higher today at 85.75. Copper prices may slide further if the US Dollar continues to strengthen.
Copper Technical levels
Copper failed to sustain above 3.05 levels yesterday opening doors for a further sell-off. The metal has an immediate support of 2.986 (low of 2nd Oct, 2014), while the immediate resistance is located at daily high of 3.03.