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2 Dec 2014
Copper rebound failed
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, witnessed fresh sell-off today as the US dollar index resumed its uptrend.
Comex Copper traded 1.51% lower at USD 2.854/pound at the time of writing, compared to the previous session’s close of USD 2.898/pound. The metal had rallied yesterday tracking a broad based weakness in the US dollar despite being hit hard by the slowdown in the Chinese and the German manufacturing activity. However, the greenback has rebounded against the G-10 currencies today, which weakened the metal prices. The US dollar index now trades 0.49% higher at 88.45 levels.
Comex Copper Technical Levels
Copper has an immediate resistance at 2.917, above which prices may test 2.951 levels. Meanwhile, support is seen at 2.846 and 2.777 levels.
Comex Copper traded 1.51% lower at USD 2.854/pound at the time of writing, compared to the previous session’s close of USD 2.898/pound. The metal had rallied yesterday tracking a broad based weakness in the US dollar despite being hit hard by the slowdown in the Chinese and the German manufacturing activity. However, the greenback has rebounded against the G-10 currencies today, which weakened the metal prices. The US dollar index now trades 0.49% higher at 88.45 levels.
Comex Copper Technical Levels
Copper has an immediate resistance at 2.917, above which prices may test 2.951 levels. Meanwhile, support is seen at 2.846 and 2.777 levels.