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27 Jan 2015
Comex Copper extends losses
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, extended losses as a surprisingly weak durable goods orders data weighed on metal prices.
The metal now trades 2.82% lower at USD 2.471/pound levels. Post the weaker-than-expected US durable goods orders data the metal declined from USD 2.502 levels to the current level of USD 2.471. A strong new home sales data and consumer confidence data in the US failed to trigger correction in the metal prices. Earlier today, the metal had dropped on concerns of a slowdown in China and rising inventory levels.
The metal may extend drop due to risk aversion on Wall street and fresh signs of weakness in the US economy. The fall in the US dollar so far has not supported metal prices.
Copper Technical Levels
The immediate support is located at 2.458, under which prices can fall to 2.419 levels. Meanwhile, resistance is seen at 2.489 and 2.553 levels.
The metal now trades 2.82% lower at USD 2.471/pound levels. Post the weaker-than-expected US durable goods orders data the metal declined from USD 2.502 levels to the current level of USD 2.471. A strong new home sales data and consumer confidence data in the US failed to trigger correction in the metal prices. Earlier today, the metal had dropped on concerns of a slowdown in China and rising inventory levels.
The metal may extend drop due to risk aversion on Wall street and fresh signs of weakness in the US economy. The fall in the US dollar so far has not supported metal prices.
Copper Technical Levels
The immediate support is located at 2.458, under which prices can fall to 2.419 levels. Meanwhile, resistance is seen at 2.489 and 2.553 levels.