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21 Oct 2014
Copper declines on growth concerns
FXStreet (Mumbai) - Copper prices have declined after the official data showed that China’s economy, during the Jul-Sep quarter, grew at a slowest pace since the first quarter of 2009.
Copper, on the Comex division of the New York Mercantile Exchange, is trading at USD 2.98/pound, down from the day’s high of USD 2.998/pound. China’s economy expanded at an annual rate of 7.3% in the third quarter, down from growth of 7.5% in the preceding quarter. The actual figure did manage to beat the market expectation of 7.2%, although the slowdown is evident when compared to the previous quarter figure of 7.5%. Moreover, the metal failed to rise even on a strong Chinese industrial production data.
The metal was also pressurized by the drop in the Shanghai composite index as the markets speculated that the GDP is not weakening enough for the government to announce fresh stimulus measures.
Copper Technical levels
Copper has an immediate resistance of 3.00 levels above which prices can re-test 3.026 levels. Meanwhile, Copper has an immediate support of 2.967, below which the metal can fall to 2.951 levels.
Copper, on the Comex division of the New York Mercantile Exchange, is trading at USD 2.98/pound, down from the day’s high of USD 2.998/pound. China’s economy expanded at an annual rate of 7.3% in the third quarter, down from growth of 7.5% in the preceding quarter. The actual figure did manage to beat the market expectation of 7.2%, although the slowdown is evident when compared to the previous quarter figure of 7.5%. Moreover, the metal failed to rise even on a strong Chinese industrial production data.
The metal was also pressurized by the drop in the Shanghai composite index as the markets speculated that the GDP is not weakening enough for the government to announce fresh stimulus measures.
Copper Technical levels
Copper has an immediate resistance of 3.00 levels above which prices can re-test 3.026 levels. Meanwhile, Copper has an immediate support of 2.967, below which the metal can fall to 2.951 levels.