19 Jan 2015
Copper drops as China GDP tipped to miss forecasts
FXStreet (Mumbai) - Copper futures on Comex edged lower today, snapping two back-to back sessions of gains as traders remain on the edge ahead of Chinese growth numbers.
The red metal trades now at USD 2.601/ pound, down -0.60% on the day, having posted intraday high at 2.628 levels earlier in the day. Copper took a beating today as markets absorb downbeat Chinese property data released over the weekend. Traders also remained wary ahead of China’s GDP numbers due tomorrow. In the fourth quarter, the economy is expected to have expanded 7.2% from a year earlier. China's 2014 economic growth is expected to miss the official target for the first time since 1998 and register the slowest expansion in 24 years.
China accounts for nearly 40% of the world’s copper demand.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.628 (Today’s high), above which gains could be extended to 2.634 (Jan 16 High) levels. Meanwhile, support is seen at 2.541 levels, below which it can extend losses to 2.517 levels.
The red metal trades now at USD 2.601/ pound, down -0.60% on the day, having posted intraday high at 2.628 levels earlier in the day. Copper took a beating today as markets absorb downbeat Chinese property data released over the weekend. Traders also remained wary ahead of China’s GDP numbers due tomorrow. In the fourth quarter, the economy is expected to have expanded 7.2% from a year earlier. China's 2014 economic growth is expected to miss the official target for the first time since 1998 and register the slowest expansion in 24 years.
China accounts for nearly 40% of the world’s copper demand.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.628 (Today’s high), above which gains could be extended to 2.634 (Jan 16 High) levels. Meanwhile, support is seen at 2.541 levels, below which it can extend losses to 2.517 levels.