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16 Jan 2015
Copper weighed down by growth concerns
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, dipped in the Asian session as growth concerns continue to weigh over commodity prices.
The metal traded at USD 2.567/pound at the time of writing, after having declined from a high of USD 2.595/pound hit yesterday. The metal saw a sharp technical recovery along with Crude prices yesterday. However, the technical recovery failed to extend today since the looming risk of recession in Europe and the threat of a disorderly slowdown in China continues to weigh over prices. The bearish global growth forecasts published by the World Bank earlier this week also adds to the bearish pressure on Copper prices.
Copper Technical Levels
The immediate resistance is seen at 2.595, above which gains could be extended to 2.617 levels. Meanwhile, support is seen at 2.517 and 2.424 levels.
The metal traded at USD 2.567/pound at the time of writing, after having declined from a high of USD 2.595/pound hit yesterday. The metal saw a sharp technical recovery along with Crude prices yesterday. However, the technical recovery failed to extend today since the looming risk of recession in Europe and the threat of a disorderly slowdown in China continues to weigh over prices. The bearish global growth forecasts published by the World Bank earlier this week also adds to the bearish pressure on Copper prices.
Copper Technical Levels
The immediate resistance is seen at 2.595, above which gains could be extended to 2.617 levels. Meanwhile, support is seen at 2.517 and 2.424 levels.