12 Feb 2015
Comex Copper gains 2%
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, advanced 2% as a weak USD and an improved market sentiment due to an impending ceasefire in eastern Ukraine overshadowed concerns of weak demand for the red metal ahead of the Chinese Lunar New Year.
Copper prices rise on weak USD
The metal currently trades 2% higher at USD 2.599/pound, after having recovered from the low of USD 2.536/pound. Prices started recovering during the European session after a hawkish Bank of England inflation report and the Bank of Japan’s shocking take on more monetary easing triggered a correction in the US dollar.
However, the gains have been noteworthy since the onset of the US session as a weak US economic data led to sharp weakness in the USD. Most of the commodities gained strength due to a weak USD. The USD index is down 0.84% to trade at 94.36 levels.
Comex Copper Technical Levels
The immediate resistance is seen at 2.6155 (Feb. 4 high), above which gains could be extended to 2.6335 (Jan. 18 high). On the flip side, a break below the 5-DMa and 10-DMA located at 2.565 and 2.5667, shall open doors for a re-test of 2.524 (Fed. 10th low).
Copper prices rise on weak USD
The metal currently trades 2% higher at USD 2.599/pound, after having recovered from the low of USD 2.536/pound. Prices started recovering during the European session after a hawkish Bank of England inflation report and the Bank of Japan’s shocking take on more monetary easing triggered a correction in the US dollar.
However, the gains have been noteworthy since the onset of the US session as a weak US economic data led to sharp weakness in the USD. Most of the commodities gained strength due to a weak USD. The USD index is down 0.84% to trade at 94.36 levels.
Comex Copper Technical Levels
The immediate resistance is seen at 2.6155 (Feb. 4 high), above which gains could be extended to 2.6335 (Jan. 18 high). On the flip side, a break below the 5-DMa and 10-DMA located at 2.565 and 2.5667, shall open doors for a re-test of 2.524 (Fed. 10th low).