3 Feb 2015
Copper hits fresh weekly highs
FXStreet (Mumbai) - Copper prices on Comex extended its upward momentum from the previous session on renewed optimism as Greece government outlines a new plan for is debt repayment.
Nears 2.579 levels
The red metal trades at USD 2.570/ pound, up 3.19% on the day, close to fresh one-week highs posted at 2.579 levels. Copper prices rallied for a third day today after oil prices rebounded to one month highs and also on increased bets of Chinese stimulus measures to boost economic growth.
Moreover, restocking ahead of Chinese New Year and increasing chances of the SRB (State Reserve Bureau) stockpiling the red metal also added to the rally in copper prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.60, above which gains could be extended to 2.636 levels. Meanwhile, support is seen at 2.50 levels, below which it can extend losses to 2.44 levels.
Nears 2.579 levels
The red metal trades at USD 2.570/ pound, up 3.19% on the day, close to fresh one-week highs posted at 2.579 levels. Copper prices rallied for a third day today after oil prices rebounded to one month highs and also on increased bets of Chinese stimulus measures to boost economic growth.
Moreover, restocking ahead of Chinese New Year and increasing chances of the SRB (State Reserve Bureau) stockpiling the red metal also added to the rally in copper prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.60, above which gains could be extended to 2.636 levels. Meanwhile, support is seen at 2.50 levels, below which it can extend losses to 2.44 levels.