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4 Dec 2014
Copper gains on Mongolia Mine fire
FXStreet (Mumbai) - Copper, at the Comex division of the New York Mercantile Exchange, rose for the first time in three days on reports of a fire at Mongolia’s biggest cooper-and-gold mine.
The metal traded 0.62% higher at USD 2.89/pound at the time of writing, compared to the previous session’s close of USD 2.872/pound. The metal also received support on the expectations of a steady improvement in the US labor market. Private payrolls data released by the ADP Research Institute yesterday rose 208K in November, compared to the October’s 233K.
Copper Technical Levels
Copper has an immediate resistance at 2.917 (Dec 1 high), above which prices face stiff resistance at 2.951 (Oct 17 low). Meanwhile, support is seen at 2.861 and 2.844 levels.
The metal traded 0.62% higher at USD 2.89/pound at the time of writing, compared to the previous session’s close of USD 2.872/pound. The metal also received support on the expectations of a steady improvement in the US labor market. Private payrolls data released by the ADP Research Institute yesterday rose 208K in November, compared to the October’s 233K.
Copper Technical Levels
Copper has an immediate resistance at 2.917 (Dec 1 high), above which prices face stiff resistance at 2.951 (Oct 17 low). Meanwhile, support is seen at 2.861 and 2.844 levels.