18 Dec 2014
Copper hits fresh daily low amid cooling Chinese property market
FXStreet (Mumbai) - Copper futures trades on Comex dropped in the mid-Asian session, as renewed concerns over demand for the metal from China and rising supplies weighed on the prices.
The red metal now trades at fresh day’s low USD 2.86/ pound, -0.50% lower on the day. The red metal remains pressured after fall in Chinese home prices indicated slowdown in China raising concerns over the metal’s demand from the world’s top consumer. New-home prices fell in November from the previous month in 67 out of 70 cities tracked by China’s statistics bureau, according to data released today.
As reported yesterday, refined copper production in China, the world's biggest market for the metal rose 3.1 percent from the previous month in November, hitting a record for the fourth straight month.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.886 (Dec 16 High), above which gains could be extended to 2.917 (Dec 1 High) levels. Meanwhile, support is seen at 2.844 (Dec 16 Low), below which it can extend losses to 2.80 levels.
The red metal now trades at fresh day’s low USD 2.86/ pound, -0.50% lower on the day. The red metal remains pressured after fall in Chinese home prices indicated slowdown in China raising concerns over the metal’s demand from the world’s top consumer. New-home prices fell in November from the previous month in 67 out of 70 cities tracked by China’s statistics bureau, according to data released today.
As reported yesterday, refined copper production in China, the world's biggest market for the metal rose 3.1 percent from the previous month in November, hitting a record for the fourth straight month.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.886 (Dec 16 High), above which gains could be extended to 2.917 (Dec 1 High) levels. Meanwhile, support is seen at 2.844 (Dec 16 Low), below which it can extend losses to 2.80 levels.