21 Jan 2015
Copper hits fresh daily lows, tanks 2%
FXStreet (Mumbai) - Copper futures on Comex extended losses for the third straight session as traders remain on the side lines before the European Central Bank policy meeting tomorrow.
The red metal trades at fresh daily lows of USD 2.541/ pound, down -2% on the day, having hit intraday high at 2.594 levels earlier in the day. Copper dropped as traders continued to digest a series of disappointing Chinese economic releases this week which is likely to have hurt the demand for the red metal from the world’s top consumer, China.
Moreover, global growth outlook downgrades by IMF and the World Bank also added to the losses in copper prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.594, above which gains could be extended to 2.617 levels. Meanwhile, support is seen at 2.530 levels, below which it can extend losses to 2.517 levels.
The red metal trades at fresh daily lows of USD 2.541/ pound, down -2% on the day, having hit intraday high at 2.594 levels earlier in the day. Copper dropped as traders continued to digest a series of disappointing Chinese economic releases this week which is likely to have hurt the demand for the red metal from the world’s top consumer, China.
Moreover, global growth outlook downgrades by IMF and the World Bank also added to the losses in copper prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.594, above which gains could be extended to 2.617 levels. Meanwhile, support is seen at 2.530 levels, below which it can extend losses to 2.517 levels.