9 Dec 2014
Comex Copper remains weak
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, trades weak despite as the risk aversion in the financial markets coupled with disappointing data from China and Japan overshadowed a slight correction in the US dollar index.
The metal traded 0.30% lower at USD 2.877/pound at the time of writing, compared to the previous session’s close of USD 2.885/pound. Prices came under pressure yesterday after the data in China showed imports collapsed in November, while the Japanese GDP decelerated more-than-expected in Q3. Moreover, the weak data triggered hopes of a big stimulus announcement from the People’s Bank of China (PBoC), despite which the metal failed gain. Moreover, the 0.29% decline in the US dollar index has failed to prop-up the copper prices.
The markets now await the Chinese CPI data due for release tomorrow, which is likely to show price pressures remain unchanged at 1.6% year-on-year in November.
Comex Copper Technical Levels
Copper has an immediate resistance located at 2.9 and 2.921 levels. Meanwhile, a breach of support located at 2.861 may push the prices down to 2.84 levels.
The metal traded 0.30% lower at USD 2.877/pound at the time of writing, compared to the previous session’s close of USD 2.885/pound. Prices came under pressure yesterday after the data in China showed imports collapsed in November, while the Japanese GDP decelerated more-than-expected in Q3. Moreover, the weak data triggered hopes of a big stimulus announcement from the People’s Bank of China (PBoC), despite which the metal failed gain. Moreover, the 0.29% decline in the US dollar index has failed to prop-up the copper prices.
The markets now await the Chinese CPI data due for release tomorrow, which is likely to show price pressures remain unchanged at 1.6% year-on-year in November.
Comex Copper Technical Levels
Copper has an immediate resistance located at 2.9 and 2.921 levels. Meanwhile, a breach of support located at 2.861 may push the prices down to 2.84 levels.