3 Dec 2014
Copper remains weak on stronger US dollar
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, retreated today as the strong US dollar coupled with concerns of a slowdown in China weighed on metal prices.
Copper traded 0.77% lower at USD 2.869/pound at the time of writing, compared to the previous session’s close of USD 2.892/pound. The metal had witnessed a sharp rally on Monday, tracking weakness in the US dollar. However, the rebound failed as the rising US Treasury yields pushed the US dollar higher across the board. The US dollar index currently trades 0.20% higher at 88.89 levels.
Meanwhile, a weaker-than-expected US ADP jobs data released today did little to support the metal prices.
Comex Copper Technical Levels
Copper has an immediate support located at 2.86, under which prices can dip to 2.844 levels. Meanwhile, resistance is seen at 2.895 and 2.911 levels.
Copper traded 0.77% lower at USD 2.869/pound at the time of writing, compared to the previous session’s close of USD 2.892/pound. The metal had witnessed a sharp rally on Monday, tracking weakness in the US dollar. However, the rebound failed as the rising US Treasury yields pushed the US dollar higher across the board. The US dollar index currently trades 0.20% higher at 88.89 levels.
Meanwhile, a weaker-than-expected US ADP jobs data released today did little to support the metal prices.
Comex Copper Technical Levels
Copper has an immediate support located at 2.86, under which prices can dip to 2.844 levels. Meanwhile, resistance is seen at 2.895 and 2.911 levels.