8 Dec 2014
Comex Copper slips as dollar bulls weigh.
FXStreet (Mumbai) - Copper on Comex division reversed gains from the Asian session and trades lower under 2.90 levels.
At time of writing, copper trades at USD 2.895/ pound, down -0.25, after having hit a high of USD 2.92/ pound earlier in the day. Copper prices declined after downbeat data from China, Japan and Germany added to the global growth woes, raising concerns over the demand for the red metal. The upside in copper prices is also capped on renewed dollar strength across the board.
Traders now await a deluge of China data due later in the 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 2.904 (200-day SMA), above which gains could be extended to 2.917 (Dec 1 High) levels. Meanwhile, support is seen at 2.867 (Dec 4 Low), below which it can extend losses to 2.844 (Dec 2 Low) levels.
At time of writing, copper trades at USD 2.895/ pound, down -0.25, after having hit a high of USD 2.92/ pound earlier in the day. Copper prices declined after downbeat data from China, Japan and Germany added to the global growth woes, raising concerns over the demand for the red metal. The upside in copper prices is also capped on renewed dollar strength across the board.
Traders now await a deluge of China data due later in the 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 2.904 (200-day SMA), above which gains could be extended to 2.917 (Dec 1 High) levels. Meanwhile, support is seen at 2.867 (Dec 4 Low), below which it can extend losses to 2.844 (Dec 2 Low) levels.