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11 Dec 2014
Comex Copper rebounds, trades above 2.90 levels
FXStreet (Mumbai) - Copper futures on Comex division rebounded today, after falling to USD 2.88/ pound in the previous session.
The red metal now trades at USD 2.903/ pound, up 0.31% on the day. The recovery in prices seems to be short-lived as copper remains pressured on slowing demand China, the world’s top consumer of industrial metals. Renewed strength in the US dollar is also likely to weigh on copper prices.
Later in the day, the U.S. is to release data on retail sales, the government measure of consumer spending, as well as the weekly report on jobless claims.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.917 (Dec 1 High), above which gains could be extended to 2.93 levels. Meanwhile, support is seen at 2.898 (50-day SMA), below which it can extend losses to 2.87 levels.
The red metal now trades at USD 2.903/ pound, up 0.31% on the day. The recovery in prices seems to be short-lived as copper remains pressured on slowing demand China, the world’s top consumer of industrial metals. Renewed strength in the US dollar is also likely to weigh on copper prices.
Later in the day, the U.S. is to release data on retail sales, the government measure of consumer spending, as well as the weekly report on jobless claims.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.917 (Dec 1 High), above which gains could be extended to 2.93 levels. Meanwhile, support is seen at 2.898 (50-day SMA), below which it can extend losses to 2.87 levels.