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24 Dec 2014
Comex Copper continues its losing streak
FXStreet (Mumbai) - Copper futures on Comex swung between gains and losses today, extending losses for four consecutive days in a row amid thin liquidity as traders closed positions ahead of an extended holiday season.
The red metal now trades at USD 2.854/ pound, -0.42% lower on the day, close to day’s low of USD 2.853/ levels. Copper prices extended losses on renewed US dollar strength after data showed U.S. economic growth at the fastest rate in 11 years and also as consumer sentiment hit an eight-year peak. Copper prices continued to remain under pressure also as fears over Chinese growth outlook re-emerged amid cooling property markets in the country, dulling demand for the red metal used in construction sector. China is the world’s top consumer of the industrial metal.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.881 (Dec 23 High), above which gains could be extended to 2.893 (Dec 17 High) levels. Meanwhile, support is seen at 2.84 levels, below which it can extend losses to 2.827 (Dec 17 Low) levels.
The red metal now trades at USD 2.854/ pound, -0.42% lower on the day, close to day’s low of USD 2.853/ levels. Copper prices extended losses on renewed US dollar strength after data showed U.S. economic growth at the fastest rate in 11 years and also as consumer sentiment hit an eight-year peak. Copper prices continued to remain under pressure also as fears over Chinese growth outlook re-emerged amid cooling property markets in the country, dulling demand for the red metal used in construction sector. China is the world’s top consumer of the industrial metal.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.881 (Dec 23 High), above which gains could be extended to 2.893 (Dec 17 High) levels. Meanwhile, support is seen at 2.84 levels, below which it can extend losses to 2.827 (Dec 17 Low) levels.