8 Dec 2014
Comex copper gains on China’s stimulus bets.
FXStreet (Mumbai) - Copper futures on Comex division traded higher in the mid-Asian hours, shrugging of weak Chinese imports figures as focus shifts to series of Chinese data later in the week.
At time of writing, copper trades at USD 2.916/ pound, 0.39 higher, after having hit a low of USD 2.913/ pound earlier in the day. Copper prices remain supported amid speculation that the Chinese Government may intervene to boost growth and cushion the slowdown.
Traders are now focussed on a deluge of China data over the coming week, which may show a persistent cool down in the world's second-largest economy.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.93 (Dec 4 High), above which gains could be extended to 2.95 levels. Meanwhile, support is seen at 2.91 (20-day SMA), below which it can extend losses to 2.89 (50-day SMA) levels.
At time of writing, copper trades at USD 2.916/ pound, 0.39 higher, after having hit a low of USD 2.913/ pound earlier in the day. Copper prices remain supported amid speculation that the Chinese Government may intervene to boost growth and cushion the slowdown.
Traders are now focussed on a deluge of China data over the coming week, which may show a persistent cool down in the world's second-largest economy.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.93 (Dec 4 High), above which gains could be extended to 2.95 levels. Meanwhile, support is seen at 2.91 (20-day SMA), below which it can extend losses to 2.89 (50-day SMA) levels.