9 Dec 2014
Comex Copper falls amid global growth woes
FXStreet (Mumbai) - Copper futures on Comex division trades lower, dropping for the third day in a row on weak release of data across Asia and Europe, which sparked concerns over weakening demand for the metal.
The red metal trades at USD 2.876/ pound, 0.31 lower, at time of writing, after having hit a low of USD 2.872/ pound earlier in the day. Copper prices remain pressured after recent economic data signaled fading demand in China, the world's biggest consumer of the red metal and also in Germany, the biggest economy in the euro zone.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.90 (50-day SMA), above which gains could be extended to 2.91 levels. Meanwhile, support is seen at 2.867 (Dec 4 Low), below which it can extend losses to 2.84 (Dec 2 Low) levels.
The red metal trades at USD 2.876/ pound, 0.31 lower, at time of writing, after having hit a low of USD 2.872/ pound earlier in the day. Copper prices remain pressured after recent economic data signaled fading demand in China, the world's biggest consumer of the red metal and also in Germany, the biggest economy in the euro zone.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.90 (50-day SMA), above which gains could be extended to 2.91 levels. Meanwhile, support is seen at 2.867 (Dec 4 Low), below which it can extend losses to 2.84 (Dec 2 Low) levels.