29 Jan 2015
Copper inches towards fresh 5-1/2 yr lows
FXStreet (Mumbai) - Copper prices on Comex wiped out previous gains and edged lower towards multi-year lows as concerns over drying physical demand for the red metal revived after increasing warehouse inventory levels.
Copper falls over 1%
The red metal trades at USD 2.449/ pound, down -1.25% on the day, heading towards fresh 5-1/2 lows. Copper prices declined as traders remain jittery as concerns over Greece's debt repaying re-emerged.
Moreover, rising inventory levels at the warehouses indicated physical demand for the metal waning. Copper stocks in LME warehouses rose by 6450 tonnes on Tuesday, up by a third since the start of the year. In Shanghai, copper inventories are up 27 percent to more than 130,000 tonnes.
Later in the day, the US weekly report on initial jobless claims as well as private sector data on pending home sales is lined up for release.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.47, above which gains could be extended to 2.50 levels. Meanwhile, support is seen at 2.42 levels, below which it can extend losses to 2.40 levels.
Copper falls over 1%
The red metal trades at USD 2.449/ pound, down -1.25% on the day, heading towards fresh 5-1/2 lows. Copper prices declined as traders remain jittery as concerns over Greece's debt repaying re-emerged.
Moreover, rising inventory levels at the warehouses indicated physical demand for the metal waning. Copper stocks in LME warehouses rose by 6450 tonnes on Tuesday, up by a third since the start of the year. In Shanghai, copper inventories are up 27 percent to more than 130,000 tonnes.
Later in the day, the US weekly report on initial jobless claims as well as private sector data on pending home sales is lined up for release.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.47, above which gains could be extended to 2.50 levels. Meanwhile, support is seen at 2.42 levels, below which it can extend losses to 2.40 levels.