1 Dec 2014
Comex Copper recovers on weak US Dollar
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, recovered losses to trade higher as the US Dollar index weakened across the board.
Copper for March delivery traded 1.03% higher at USD 2.873/pound, after recovering from the low of USD 2.779/pound hit earlier today. The metal recovered as the US dollar index retreated 0.44% to 88.01 levels. Prices had been under pressure today as a slowdown in the Chinese and the Eurozone manufacturing activity and exacerbated the global growth slowdown concerns.
Meanwhile, the metal may extend gains further as the ISM manufacturing PMI in the US came-in at 58.7, beating market expectations of 58.00.
Comex Copper Technical Levels
Copper has an immediate resistance located at 2.95 (10-DMA), above which a major resistance sits at 3.015 (50-DMA). Meanwhile, the support is seen at 2.845 and 2.778 levels.
Copper for March delivery traded 1.03% higher at USD 2.873/pound, after recovering from the low of USD 2.779/pound hit earlier today. The metal recovered as the US dollar index retreated 0.44% to 88.01 levels. Prices had been under pressure today as a slowdown in the Chinese and the Eurozone manufacturing activity and exacerbated the global growth slowdown concerns.
Meanwhile, the metal may extend gains further as the ISM manufacturing PMI in the US came-in at 58.7, beating market expectations of 58.00.
Comex Copper Technical Levels
Copper has an immediate resistance located at 2.95 (10-DMA), above which a major resistance sits at 3.015 (50-DMA). Meanwhile, the support is seen at 2.845 and 2.778 levels.