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2 Jan 2015
Comex Copper hits fresh daily lows
FXStreet (Mumbai) - Copper futures on Comex swung between gains and losses today and trades unchanged as traders digest weak Chinese PMI data.
The red metal now hits fresh day’s high at USD 2.819/ pound, after having clocked day’s high at 2.841 levels. Copper prices edged lower today after weaker China's factory activity in December, underscoring the challenges facing the country's manufacturers as they fight rising costs and softening external demand. China is the world’s top consumer of the red metal.
Moreover, worries over oversupply scenario heading into 2015 also weighed on the copper prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.844, above which gains could be extended to 2.86 levels. Meanwhile, support is seen at 2.81 levels, below which it can extend losses to 2.779 levels.
The red metal now hits fresh day’s high at USD 2.819/ pound, after having clocked day’s high at 2.841 levels. Copper prices edged lower today after weaker China's factory activity in December, underscoring the challenges facing the country's manufacturers as they fight rising costs and softening external demand. China is the world’s top consumer of the red metal.
Moreover, worries over oversupply scenario heading into 2015 also weighed on the copper prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.844, above which gains could be extended to 2.86 levels. Meanwhile, support is seen at 2.81 levels, below which it can extend losses to 2.779 levels.