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31 Dec 2014
Comex Copper trades at day’s high levels
FXStreet (Mumbai) - Copper futures on Comex traded firmer in the Asian session, continuing its uptrend for four day in a row after Chinese PMI numbers raised expectations of additional stimulus measures by Chinese government to boost growth.
The red metal now trades at daily high levels of USD 2.859/ pound, 0.25% higher on the day, Copper prices edged higher today amid speculation that Chinese policymakers may implement more decisive measures to boost growth after China's manufacturing sector fell into the negative territory in December, hitting the lowest level in seven months. Copper prices may remain buoyed amid increased volatility as traders close book ahead of year-end holidays.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.865 (Dec 30 High), above which gains could be extended to 2.874 (Dec 24 High) levels. Meanwhile, support is seen at 2.844 (Dec 2 Low) levels, below which it can extend losses to 2.779 (Nov 30 Low) levels.
The red metal now trades at daily high levels of USD 2.859/ pound, 0.25% higher on the day, Copper prices edged higher today amid speculation that Chinese policymakers may implement more decisive measures to boost growth after China's manufacturing sector fell into the negative territory in December, hitting the lowest level in seven months. Copper prices may remain buoyed amid increased volatility as traders close book ahead of year-end holidays.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.865 (Dec 30 High), above which gains could be extended to 2.874 (Dec 24 High) levels. Meanwhile, support is seen at 2.844 (Dec 2 Low) levels, below which it can extend losses to 2.779 (Nov 30 Low) levels.