5 Dec 2014
Strong US Dollar post NFP capped gains in Comex Copper
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, failed to gain strength on an impressive monthly Non-farm payrolls data in the US due to the strength in the US dollar.
Copper now trades 0.10% higher at USD 2.917/pound levels, as the rising USD capped gains in the metal. The US dollar index is up 0.62% to trade at 89.21 levels. Meanwhile, the metal prices are also hurt by the “negative rub-off” from the falling crude oil prices.
The labor market data released today showed monthly job additions of 321K in November, while the unemployment rate stayed unchanged at 5.8%.
Comex Copper Technical Levels
Copper has an immediate resistance at 2.951, above which prices could rise to 2.964. Meanwhile, support is seen at 2.898 and 2.872 levels.
Copper now trades 0.10% higher at USD 2.917/pound levels, as the rising USD capped gains in the metal. The US dollar index is up 0.62% to trade at 89.21 levels. Meanwhile, the metal prices are also hurt by the “negative rub-off” from the falling crude oil prices.
The labor market data released today showed monthly job additions of 321K in November, while the unemployment rate stayed unchanged at 5.8%.
Comex Copper Technical Levels
Copper has an immediate resistance at 2.951, above which prices could rise to 2.964. Meanwhile, support is seen at 2.898 and 2.872 levels.