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16 Oct 2014
Comex Copper falls to two-week lows
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, is trading below USD 2.986/pound level for the first time since 2nd Oct.
Copper is trading 1.12% lower at USD 2.974/pound, down from a high of USD 3.02/pound hit earlier today. The metal had hit a high of USD 3.104 yesterday before prices fell tracking the fall in the risk assets across the globe. Copper took a hit especially after the disappointing US retail sales data hit the wires.
Moreover, the threat of a slowdown in the global economy is pulling down the Copper prices. The prices have declined this week, despite the rise in the demand from China, the world’s largest consumer of Copper. We could see the prices slid further if the European and the US Equity markets extend their fall today.
Copper Technical levels
Copper has an immediate resistance of 2.986 (Oct 2nd low), above which prices can re-test 3.00 levels. Meanwhile, the prices can slump to 2.928 levels if the immediate support of 2.971 is taken out.
Copper is trading 1.12% lower at USD 2.974/pound, down from a high of USD 3.02/pound hit earlier today. The metal had hit a high of USD 3.104 yesterday before prices fell tracking the fall in the risk assets across the globe. Copper took a hit especially after the disappointing US retail sales data hit the wires.
Moreover, the threat of a slowdown in the global economy is pulling down the Copper prices. The prices have declined this week, despite the rise in the demand from China, the world’s largest consumer of Copper. We could see the prices slid further if the European and the US Equity markets extend their fall today.
Copper Technical levels
Copper has an immediate resistance of 2.986 (Oct 2nd low), above which prices can re-test 3.00 levels. Meanwhile, the prices can slump to 2.928 levels if the immediate support of 2.971 is taken out.