1 Dec 2014
Comex Copper remains under pressure
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, trades near more than four-year lows after growth in China’s manufacturing activity slowed more than expected in November.
Copper traded 0.70% lower at USD 2.824/pound at the time of writing, compared to the Friday’s close of USD 2.846/pound. The metal came under pressure on Friday as falling oil prices is likely to lower the cost of production of the metal. Furthermore, a strong US Dollar also pressurized copper prices.
The losses were extended further today after the Chinese manufacturing PMI for November printed at 50.3, compared to the previous month’s print of 50.8. Moreover, weakening activity in China, compounded global growth jitters.
Comex Copper Technical Levels
Copper has a strong support located at 2.725 (June 2010 low), under which prices may fall to 2.6 levels. Meanwhile, resistance is seen at 2.846 and 2.928 levels.
Copper traded 0.70% lower at USD 2.824/pound at the time of writing, compared to the Friday’s close of USD 2.846/pound. The metal came under pressure on Friday as falling oil prices is likely to lower the cost of production of the metal. Furthermore, a strong US Dollar also pressurized copper prices.
The losses were extended further today after the Chinese manufacturing PMI for November printed at 50.3, compared to the previous month’s print of 50.8. Moreover, weakening activity in China, compounded global growth jitters.
Comex Copper Technical Levels
Copper has a strong support located at 2.725 (June 2010 low), under which prices may fall to 2.6 levels. Meanwhile, resistance is seen at 2.846 and 2.928 levels.