Back
15 Dec 2014
Comex Copper rises above USD 2.94/ pound
FXStreet (Mumbai) - Copper futures for deliveries on Comex trades elevated, although slowdown worries in China and US interest hike fears may limit the upside in copper prices.
The red metal now trades higher at USD 2.945/ pound, up 0.53% on the day, after having clocked a high of USD 2.947/ pound in the Asian morning. Although, copper prices reversed previous session’s losses, the red metal still remains exposed to downside risk after People's Bank of China (PBoC) released its report which showed economic growth in China is set to slow again in 2015, dropping to 7.1% from the 7.4% growth rate seen this year.
Moreover, concerns over a looming US interest rate hike decision, ahead of Fed monetary policy meet this week, is likely to keep gains in check.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.950 (Dec 9 High), above which gains could be extended to 2.97 (Nov 28 High) levels. Meanwhile, support is seen at 2.939 (5-day SMA), below which it can extend losses to 2.931 (20-day SMA) levels.
The red metal now trades higher at USD 2.945/ pound, up 0.53% on the day, after having clocked a high of USD 2.947/ pound in the Asian morning. Although, copper prices reversed previous session’s losses, the red metal still remains exposed to downside risk after People's Bank of China (PBoC) released its report which showed economic growth in China is set to slow again in 2015, dropping to 7.1% from the 7.4% growth rate seen this year.
Moreover, concerns over a looming US interest rate hike decision, ahead of Fed monetary policy meet this week, is likely to keep gains in check.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.950 (Dec 9 High), above which gains could be extended to 2.97 (Nov 28 High) levels. Meanwhile, support is seen at 2.939 (5-day SMA), below which it can extend losses to 2.931 (20-day SMA) levels.