12 Dec 2014
Comex Copper Climbs shrugs off weak China data
FXStreet (Mumbai) - Copper futures for deliveries on Comex advanced in mid-Asian trading and headed for a second weekly gain.
The red metal now trades at USD 2.921/ pound, up 0.33% on the day. The upside in prices as House and Senate negotiators in US reached an agreement on a massive $1.1 trillion spending bill to avoid another government shutdown later this week. The US is the second biggest consumer of the metal after China. Copper prices also remains supported as new strike hits Peru are largest copper mine, Antamina.
However, copper prices ignored weak Chinese Industrial which grew 7.2% year-on-year in November, easing from 7.7% a month earlier, as data released by National Bureau of Statistics (NBS).
Copper Technical Levels
Copper prices have an immediate resistance located at 2.932 (Dec 11 High), above which gains could be extended to 2.95 (Dec 9 High) levels. Meanwhile, support is seen at 2.917 (5-day SMA), below which it can extend losses to 2.90 levels.
The red metal now trades at USD 2.921/ pound, up 0.33% on the day. The upside in prices as House and Senate negotiators in US reached an agreement on a massive $1.1 trillion spending bill to avoid another government shutdown later this week. The US is the second biggest consumer of the metal after China. Copper prices also remains supported as new strike hits Peru are largest copper mine, Antamina.
However, copper prices ignored weak Chinese Industrial which grew 7.2% year-on-year in November, easing from 7.7% a month earlier, as data released by National Bureau of Statistics (NBS).
Copper Technical Levels
Copper prices have an immediate resistance located at 2.932 (Dec 11 High), above which gains could be extended to 2.95 (Dec 9 High) levels. Meanwhile, support is seen at 2.917 (5-day SMA), below which it can extend losses to 2.90 levels.