12 Feb 2015
Copper resilient amid Greek jitters
FXStreet (Mumbai) - Copper prices on Comex climbed higher today amid thin volumes as demand for the industrial metal reduced ahead of the Chinese Lunar New Year.
Copper capped below 2.60 levels
The red metal trades at 2.586 levels, recording a 1.75% gain on the day, having previously posted day’s low at 2.536 and day’s high at 2.591 levels. Copper prices extended gains largely on a weaker US dollar across the board. The US dollar index, measuring the relative strength of the greenback versus six major currencies, declines by -0.41% and trades now at 94.77 levels.
Moreover, lack of demand for the metal as traders wind up positions ahead of Chinese New Year beginning from Feb 18. Also, inconclusive talks between Greece and the Euro group has also caused traders to remain on the sidelines, drying up liquidity and pushing the prices higher.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.60, above which gains could be extended to 2.618 levels. Meanwhile, support is seen at 2.52 levels, below which it can extend losses to 2.50 levels.
Copper capped below 2.60 levels
The red metal trades at 2.586 levels, recording a 1.75% gain on the day, having previously posted day’s low at 2.536 and day’s high at 2.591 levels. Copper prices extended gains largely on a weaker US dollar across the board. The US dollar index, measuring the relative strength of the greenback versus six major currencies, declines by -0.41% and trades now at 94.77 levels.
Moreover, lack of demand for the metal as traders wind up positions ahead of Chinese New Year beginning from Feb 18. Also, inconclusive talks between Greece and the Euro group has also caused traders to remain on the sidelines, drying up liquidity and pushing the prices higher.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.60, above which gains could be extended to 2.618 levels. Meanwhile, support is seen at 2.52 levels, below which it can extend losses to 2.50 levels.