16 Feb 2015
Copper ticks down amid Greek jitters
FXStreet (Mumbai) - Copper prices on Comex erased previous gains and edged lower as traders remain cautious ahead of the much anticipated Euro group meeting later in the day for a likely outcome on Greece’s austerity plan.
Copper back below 2.60 levels
The red metal trades at 2.596 levels, recording a -0.36% loss on the day, having previously posted day’s low at 2.589 and day’s high at 2.621 levels. Copper prices pared gains as the US dollar regained its lost ground across the board amid Greek uncertainties. The US dollar index, measuring the relative strength of the greenback versus six major currencies, trades marginally lower by -0.10% and trades now at 94.11 levels.
Moreover, resumption of talks between Greece and the Euro group has also caused traders to remain on the sidelines, pushing the prices lower. Also, lack of demand for the metal as traders wind up positions ahead of Chinese New Year beginning from Feb 18 added to the downside in the red metal prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.621, above which gains could be extended to 2.642 levels. Meanwhile, support is seen at 2.59 levels, below which it can extend losses to 2.575 levels.
Copper back below 2.60 levels
The red metal trades at 2.596 levels, recording a -0.36% loss on the day, having previously posted day’s low at 2.589 and day’s high at 2.621 levels. Copper prices pared gains as the US dollar regained its lost ground across the board amid Greek uncertainties. The US dollar index, measuring the relative strength of the greenback versus six major currencies, trades marginally lower by -0.10% and trades now at 94.11 levels.
Moreover, resumption of talks between Greece and the Euro group has also caused traders to remain on the sidelines, pushing the prices lower. Also, lack of demand for the metal as traders wind up positions ahead of Chinese New Year beginning from Feb 18 added to the downside in the red metal prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.621, above which gains could be extended to 2.642 levels. Meanwhile, support is seen at 2.59 levels, below which it can extend losses to 2.575 levels.