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28 Jan 2015
Comex Copper drops
FXStreet (Mumbai) - Comex Copper erased gains to trade losses after a strong US dollar pushed Copper prices down in Shanghai by 5%.
Growth concerns dominate market sentiment
Commodity sell-off continues as weak data from the China and the disappointingly weak Durable goods orders data in the US renewed growth concerns. The metal is also under pressure after the London Metal Exchange (LME) data showed yesterday the inventories rose for 11 straight session, the longest run since April 2013.
The red metal currently trades 0.28% lower at USD 2.456/pound, after having declined from the high of USD 2.493/pound levels.
Copper Technical Levels
The immediate support is located at 2.446, under which losses could be extended to 2.42 levels. Meanwhile, resistance is seen at 2.493 and 2.51 levels.
Growth concerns dominate market sentiment
Commodity sell-off continues as weak data from the China and the disappointingly weak Durable goods orders data in the US renewed growth concerns. The metal is also under pressure after the London Metal Exchange (LME) data showed yesterday the inventories rose for 11 straight session, the longest run since April 2013.
The red metal currently trades 0.28% lower at USD 2.456/pound, after having declined from the high of USD 2.493/pound levels.
Copper Technical Levels
The immediate support is located at 2.446, under which losses could be extended to 2.42 levels. Meanwhile, resistance is seen at 2.493 and 2.51 levels.