Copper subdued amid Greek developments

FXStreet (Mumbai) - Copper prices on Comex reversed previous losses and remained largely unchanged during the mid-European session, as traders look for clear direction amid low volumes and prevailing Greece uncertainties.

Copper supported above 2.60 levels

The red metal trades lower by -0.27% at 2.608 levels, having previously posted day’s low at 2.591 and day’s high at 2.624 levels. Copper prices remained subdued today in an initial profit-taking rally as traders locked-in gains after the recent rally. Copper prices also received a blow from reports that Indonesia may lift a ban on exports of copper and other mineral concentrates due to come into effect in January 2017 if miners have not built new domestic smelters in time.

Moreover, lack of demand for the metal as most Asian traders are away on Chinese New Year a week-long holidays also pressured the red metal prices.

Copper Technical Levels

Copper prices have an immediate resistance located at 2.624, 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 2.57 levels.