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5 Jan 2015
Copper trades close to 4-1/2 year lows
FXStreet (Mumbai) - Copper futures on Comex dropped close to the lowest level in four and a half years today on stronger greenback and as traders fret over worsening demand conditions from China.
The red metal trades now at USD 2.803/ pound, down -0.44% on the day, after having slid close to four and a half year low at 2.797 levels some minutes ago. Copper prices extended losses on deteriorating global manufacturing activities, dampening the demand for the industrial metal, dragging down the prices. Copper prices also face strong headwinds from a stronger US dollar at the onset of 2015 as risk on trades sparked a rally in the greenback.
Moreover, worries over oversupply scenario heading into 2015 also weighed on the copper prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.82, above which gains could be extended to 2.844 levels. Meanwhile, support is seen at 2.779 levels, below which it can extend losses to 2.756 levels.
The red metal trades now at USD 2.803/ pound, down -0.44% on the day, after having slid close to four and a half year low at 2.797 levels some minutes ago. Copper prices extended losses on deteriorating global manufacturing activities, dampening the demand for the industrial metal, dragging down the prices. Copper prices also face strong headwinds from a stronger US dollar at the onset of 2015 as risk on trades sparked a rally in the greenback.
Moreover, worries over oversupply scenario heading into 2015 also weighed on the copper prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.82, above which gains could be extended to 2.844 levels. Meanwhile, support is seen at 2.779 levels, below which it can extend losses to 2.756 levels.