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10 Dec 2014
Comex Copper falls on China growth woes
FXStreet (Mumbai) - Copper futures on Comex division trades lower today, after a short-lived recovery in the previous session as investors wound up their short positions.
The red metal trades at USD 2.92/ pound, 0.15% lower on the day, at time of writing, after having hit a high of USD 2.95/ pound in the previous session. Copper prices remain pressured after weak price pressures in China signalled towards a softer economic activity, dulling the demand for the metal from the world’s biggest consumer. Copper prices also gave up gains as expectations of oversupply next year weighed on the red metal.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.94 (Dec 4 High), above which gains could be extended to 2.9 (Dec 9 High) levels. Meanwhile, support is seen at 2.910 (20-day SMA), below which it can extend losses to 2.898 (50-day SMA) levels.
The red metal trades at USD 2.92/ pound, 0.15% lower on the day, at time of writing, after having hit a high of USD 2.95/ pound in the previous session. Copper prices remain pressured after weak price pressures in China signalled towards a softer economic activity, dulling the demand for the metal from the world’s biggest consumer. Copper prices also gave up gains as expectations of oversupply next year weighed on the red metal.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.94 (Dec 4 High), above which gains could be extended to 2.9 (Dec 9 High) levels. Meanwhile, support is seen at 2.910 (20-day SMA), below which it can extend losses to 2.898 (50-day SMA) levels.