28 Nov 2014
Comex Copper hits more than four-year lows
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, fell to more than four-year lows today after strike at the Peru’s biggest Copper mine Antamina ended, while weaker oil prices dragged the metals pack lower.
Copper traded 1.47% lower at USD 2.913/pound at the time of writing. Prices dipped on reports that Antamina, the world’s sixth largest copper mine, will return to normal operating levels next week. The three-week strike ended erasing any concerns of a fall in supply from Peru. The metal prices also dipped as lower Crude prices will ensure a drop in the production costs.
Comex Copper Technical Levels
Copper has an immediate support located at 2.86 (Feb 2010 low), under which losses could be extended to 2.725 (June 2010 low). Meanwhile, resistance is located at 2.95 and 2.986 levels.
Copper traded 1.47% lower at USD 2.913/pound at the time of writing. Prices dipped on reports that Antamina, the world’s sixth largest copper mine, will return to normal operating levels next week. The three-week strike ended erasing any concerns of a fall in supply from Peru. The metal prices also dipped as lower Crude prices will ensure a drop in the production costs.
Comex Copper Technical Levels
Copper has an immediate support located at 2.86 (Feb 2010 low), under which losses could be extended to 2.725 (June 2010 low). Meanwhile, resistance is located at 2.95 and 2.986 levels.