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23 Jan 2015
Copper slumps to fresh weekly lows
FXStreet (Mumbai) - Copper futures on Comex extended losses from the previous session as waning demand concerns overshadowed upbeat Chinese manufacturing PMI data.
The red metal trades at USD 2.541/ pound, down -1.45% on the day, having hit a fresh one week low at 2.532 levels an hour ago. Copper remains pressured as concerns of demand fading in the metal’s top consumer, China re-emerged. Moreover, rising inventory levels at LME warehouse indicates lack of physical demand which further dragged copper prices down.
Copper prices are expected to trade downside as concerns over the global economic outlook and future demand prospects continue to weigh on the prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.612, above which gains could be extended to 2.636 levels. Meanwhile, support is seen at 2.530 levels, below which it can extend losses to 2.517 levels.
The red metal trades at USD 2.541/ pound, down -1.45% on the day, having hit a fresh one week low at 2.532 levels an hour ago. Copper remains pressured as concerns of demand fading in the metal’s top consumer, China re-emerged. Moreover, rising inventory levels at LME warehouse indicates lack of physical demand which further dragged copper prices down.
Copper prices are expected to trade downside as concerns over the global economic outlook and future demand prospects continue to weigh on the prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.612, above which gains could be extended to 2.636 levels. Meanwhile, support is seen at 2.530 levels, below which it can extend losses to 2.517 levels.