27 Feb 2015
Copper moves away from 6-week highs
FXStreet (Mumbai) - Copper prices on Comex declined during the European session, halting a three-day rally, as traders resorted to profit taking on their long positions after the recent rally backed by Chile drought concerns.
Copper back below 2.70 levels
The red metal trades lower at 2.663 levels, recording a 1.16% loss on the day, having previously posted fresh session lows at 2.660. Copper prices bounced-off fresh six week highs reached yesterday mainly driven by traders seeking to locking in profits after the recent upsurge. Moreover, traders preferred to wind up positions ahead of US GDP data, which may spark major moves in the US dollar.
Copper prices rallied to weekly highs after a drought was declared in Chile, world’s biggest producer of the metal, raised concerns over copper production.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.70, above which gains could be extended to 2.729 levels. Meanwhile, support is seen at 2.65 levels, below which it can extend losses to 2.62 levels.
Copper back below 2.70 levels
The red metal trades lower at 2.663 levels, recording a 1.16% loss on the day, having previously posted fresh session lows at 2.660. Copper prices bounced-off fresh six week highs reached yesterday mainly driven by traders seeking to locking in profits after the recent upsurge. Moreover, traders preferred to wind up positions ahead of US GDP data, which may spark major moves in the US dollar.
Copper prices rallied to weekly highs after a drought was declared in Chile, world’s biggest producer of the metal, raised concerns over copper production.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.70, above which gains could be extended to 2.729 levels. Meanwhile, support is seen at 2.65 levels, below which it can extend losses to 2.62 levels.