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30 Dec 2014
Comex Copper rebounds; ends 4-day losing streak
FXStreet (Mumbai) - Copper futures on Comex traded firmer in the Asian session, bouncing-back from four and a half year lows of 2.755 levels reached in the previous session.
The red metal now trades at USD 2.835/ pound, 0.57% higher on the day, after posting a day’s high at 2.839 levels earlier in the day. Copper prices ended a four-day losing streak today as traders locked in profits on bets against the metal. Copper prices also got support from Chinese Central Bank’s announcement yesterday of loosening its liquidity which may turn out to be supportive for the country’s growth.
However, the market sentiments remain bearish for the metal as traders foresee more weak numbers out of China ahead of HSBC Holdings and Markit Economics readings of the manufacturing purchasing managers’ index for China due out tomorrow.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.842 (Nov 30 High), above which gains could be extended to 2.862 (Dec 26 High) levels. Meanwhile, support is seen at 2.779 (Nov 30 Low) levels, below which it can extend losses to 2.725 (2010 Low) levels.
The red metal now trades at USD 2.835/ pound, 0.57% higher on the day, after posting a day’s high at 2.839 levels earlier in the day. Copper prices ended a four-day losing streak today as traders locked in profits on bets against the metal. Copper prices also got support from Chinese Central Bank’s announcement yesterday of loosening its liquidity which may turn out to be supportive for the country’s growth.
However, the market sentiments remain bearish for the metal as traders foresee more weak numbers out of China ahead of HSBC Holdings and Markit Economics readings of the manufacturing purchasing managers’ index for China due out tomorrow.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.842 (Nov 30 High), above which gains could be extended to 2.862 (Dec 26 High) levels. Meanwhile, support is seen at 2.779 (Nov 30 Low) levels, below which it can extend losses to 2.725 (2010 Low) levels.