17 Feb 2015
Copper trades in red amid low volumes
FXStreet (Mumbai) - Copper prices on Comex erased previous gains and slipped during the European session after failed talks between Greece and the Euro group raised concerns over the rising geopolitical concerns, dragging the metal lower.
Copper back below 2.60 levels
The red metal trades at 2.594 levels, recording a -0.44% loss on the day, having previously posted day’s low at 2.591 and day’s high at 2.619 levels. Copper prices pared gains and edged lower on rising Grexit fears.
Also, lack of demand for the metal as traders wind up positions ahead of Chinese New Year beginning from Feb 18 added to the downside in the red metal prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.621, above which gains could be extended to 2.642 levels. Meanwhile, support is seen at 2.59 levels, below which it can extend losses to 2.575 levels.
Copper back below 2.60 levels
The red metal trades at 2.594 levels, recording a -0.44% loss on the day, having previously posted day’s low at 2.591 and day’s high at 2.619 levels. Copper prices pared gains and edged lower on rising Grexit fears.
Also, lack of demand for the metal as traders wind up positions ahead of Chinese New Year beginning from Feb 18 added to the downside in the red metal prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.621, above which gains could be extended to 2.642 levels. Meanwhile, support is seen at 2.59 levels, below which it can extend losses to 2.575 levels.