11 Feb 2015
Copper rallies ahead of Euro group meetings
FXStreet (Mumbai) - Copper prices on Comex rallied to fresh weekly highs today on a short-covering rally as traders remain cautious ahead of Greece-EU meeting later today.
Copper eyes 2.60 levels
The red metal trades at 2.573 levels, recording a 0.84% loss on the day, having previously posted day’s low at 2.540 and day’s high at 2.583 levels. Copper prices extended gains after traders took to profit booking, exiting their short positions amid cautious moods as Greece's Finance Minister Yanis Varoufakis is due to meet other finance ministers of the euro zone to discuss on Greece's debt relief. Moreover, traders continued to wind up positions ahead of the Lunar New Year holidays next week.
Moreover, first drawdown in copper stocks at LME warehouse in more than two months, hinting slight pickup in physical buying, also added to the gains in the red metal prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.60, above which gains could be extended to 2.618 levels. Meanwhile, support is seen at 2.52 levels, below which it can extend losses to 2.50 levels.
Copper eyes 2.60 levels
The red metal trades at 2.573 levels, recording a 0.84% loss on the day, having previously posted day’s low at 2.540 and day’s high at 2.583 levels. Copper prices extended gains after traders took to profit booking, exiting their short positions amid cautious moods as Greece's Finance Minister Yanis Varoufakis is due to meet other finance ministers of the euro zone to discuss on Greece's debt relief. Moreover, traders continued to wind up positions ahead of the Lunar New Year holidays next week.
Moreover, first drawdown in copper stocks at LME warehouse in more than two months, hinting slight pickup in physical buying, also added to the gains in the red metal prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.60, above which gains could be extended to 2.618 levels. Meanwhile, support is seen at 2.52 levels, below which it can extend losses to 2.50 levels.