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20 May 2015
Copper drops to three-week low
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, fell to three-week lows as the strong US Dollar weighed over the commodity space.
Copper fell to an intraday low of USD 2.823/pound, before recovering slightly to trade 0.10% lower for the day at USD 2.836/pound. Meanwhile, the USD index hit a high of USD 95.94, before settling slightly lower around 95.50 levels; up 0.14% for the day.
Ahead in the day, the metal could continue to track the movement in the USD index, especially after the release of Fed minutes later today.
Comex Copper Technical Levels
The immediate resistance is located at 2.86, above which gains could be extended to 2.9. On the flip side, a break below 2.8 (200-DMA), could push the prices lower to 2.76.
Copper fell to an intraday low of USD 2.823/pound, before recovering slightly to trade 0.10% lower for the day at USD 2.836/pound. Meanwhile, the USD index hit a high of USD 95.94, before settling slightly lower around 95.50 levels; up 0.14% for the day.
Ahead in the day, the metal could continue to track the movement in the USD index, especially after the release of Fed minutes later today.
Comex Copper Technical Levels
The immediate resistance is located at 2.86, above which gains could be extended to 2.9. On the flip side, a break below 2.8 (200-DMA), could push the prices lower to 2.76.