11 Feb 2015
Comex copper erases gains
FXStreet (Mumbai) - Comex Copper has erased part of its gains as investors turn cautious ahead of the Greece’s finance minister Yanis Varoufakis meeting with other finance ministers of the euro zone to discuss a solution to Greece's bailout program.
Trades below 5-DMA and 10-DMA
Copper prices faced rejection at the 5-DMA and the 10-DMA located at USD 2.571 and USD 2.559 respectively. The red metal declined from the session high of USD 2.583 as markets do not expect any long term solution to the Greece’s debt problems from the Eurogroup’s meeting today. However, a short-term fix is likely, which means the Greece-related uncertainty is here to stay for a while.
Meanwhile, the metal remains supported on the expectation of fresh stimulus measures from China, especially after the inflation printed at the lowest level since November 2009.
Comex Copper Technical Levels
The metal currently trades at USD 2.552/pound. The immediate resistance is seen at 2.571 (5-DMA), above which gains could be extended to 2.619 (Feb. 4th high). Meanwhile, support is seen at 2.526 and 2.489 levels.
Trades below 5-DMA and 10-DMA
Copper prices faced rejection at the 5-DMA and the 10-DMA located at USD 2.571 and USD 2.559 respectively. The red metal declined from the session high of USD 2.583 as markets do not expect any long term solution to the Greece’s debt problems from the Eurogroup’s meeting today. However, a short-term fix is likely, which means the Greece-related uncertainty is here to stay for a while.
Meanwhile, the metal remains supported on the expectation of fresh stimulus measures from China, especially after the inflation printed at the lowest level since November 2009.
Comex Copper Technical Levels
The metal currently trades at USD 2.552/pound. The immediate resistance is seen at 2.571 (5-DMA), above which gains could be extended to 2.619 (Feb. 4th high). Meanwhile, support is seen at 2.526 and 2.489 levels.