22 Jan 2015
Copper sinks to fresh daily lows, all eyes on ECB
FXStreet (Mumbai) - Copper futures on Comex resumed its downslide today after a temporary reversal seen in the previous session as traders remained on the edge ahead of the crucial outcome from the ECB meeting.
The red metal trades at USD 2.586/ pound, down -1.03% on the day, having hit intraday low at 2.580 levels some minutes ago. Copper remains pressured ahead of ECB decision which may push the US dollar higher, dragging copper prices lower. Moreover, reports that credit rating agency Standard & Poor's downgraded its price forecasts for iron ore and copper due to slower global growth also weighed on the red metal prices.
Copper prices are expected to trade downside as concerns over the global economic outlook and future demand prospects dulled the appeal of the commodity.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.612, above which gains could be extended to 2.636 levels. Meanwhile, support is seen at 2.530 levels, below which it can extend losses to 2.517 levels.
The red metal trades at USD 2.586/ pound, down -1.03% on the day, having hit intraday low at 2.580 levels some minutes ago. Copper remains pressured ahead of ECB decision which may push the US dollar higher, dragging copper prices lower. Moreover, reports that credit rating agency Standard & Poor's downgraded its price forecasts for iron ore and copper due to slower global growth also weighed on the red metal prices.
Copper prices are expected to trade downside as concerns over the global economic outlook and future demand prospects dulled the appeal of the commodity.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.612, above which gains could be extended to 2.636 levels. Meanwhile, support is seen at 2.530 levels, below which it can extend losses to 2.517 levels.