12 Dec 2014
Comex Copper trades mixed
FXStreet (Mumbai) - Copper futures for deliveries on Comex trades higher, although falling gold and crude oil prices failed to buoy the base metal prices.
The red metal now trades slightly higher at USD 2.925/ pound, after having clocked a high of USD 2.927/ pound in the Asian morning. The copper prices traded sluggish after softer Chinese industrial output data reflected signs of slowing activity in the metals’ top consumer, China. Industrial production in China grew 7.2% year-on-year in November, easing from 7.7% a month earlier, as per data released by National Bureau of Statistics (NBS).
However, copper prices remain underpinned on news of a strike in Peru’s Antamina copper mines.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.932 (Dec 11 High), above which gains could be extended to 2.95 (Dec 9 High) levels. Meanwhile, support is seen at 2.917 (5-day SMA), below which it can extend losses to 2.90 levels.
The red metal now trades slightly higher at USD 2.925/ pound, after having clocked a high of USD 2.927/ pound in the Asian morning. The copper prices traded sluggish after softer Chinese industrial output data reflected signs of slowing activity in the metals’ top consumer, China. Industrial production in China grew 7.2% year-on-year in November, easing from 7.7% a month earlier, as per data released by National Bureau of Statistics (NBS).
However, copper prices remain underpinned on news of a strike in Peru’s Antamina copper mines.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.932 (Dec 11 High), above which gains could be extended to 2.95 (Dec 9 High) levels. Meanwhile, support is seen at 2.917 (5-day SMA), below which it can extend losses to 2.90 levels.