Copper trades flat ahead of China data

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, trades flat as markets await the Chinese Q4 2014 GDP data.

The metal traded 0.10% lower at USD 2.614/pound at the time of writing, compared to the previous session’s close at USD 2.819/pound levels. The metal came under pressure in the last week on concerns of a slowdown in China and the global economy. Fresh cues will come in the form of Q4 Chinese GDP data due for release tomorrow. Furthermore, the Chinese industrial production data for December will also be watched out by markets. The growth data is likely to show the rate of growth slowed down to 7.2% year-on-year from the previous quarter’s rate of 7.3%.

Meanwhile, the data released by the US Commodity Futures Trading Commission (CFTC) data showed speculators cut their net short in copper for the first time in three weeks, trimming 1,000 contracts for a net short position of 9,881 contracts.

Copper Technical Levels

The immediate resistance is located at 2.636, above which gains could be extended to 2.70 levels. Meanwhile, support is seen at 2.592 and 2.541 levels.

LME Inventory Update

The warehouse stocks data released daily by the London Metal Exchange (LME) showed a drop in the inventory levels of Aluminium, Zinc, Lead and Nickel. While Copper stocks increased substantially.
Leer más Previous

EUR/USD jumps above 1.1600, faces resistance at 5-DMA

EUR/USD extended gains and broke above the 1.1600 levels in the mid-European session, as markets ignore European Central Bank’s (ECB) Nowotny’s comments which reinforced strong case for ECB unveiling a full blown QE in their upcoming meeting later this week.
Leer más Next