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10 Dec 2014
Comex Copper extends decline, support seen at 50-day SMA
FXStreet (Mumbai) - Copper futures on Comex division extended their decline from the Asian session and trades lower around 2.90 levels
The red metal trades now at USD 2.902/ pound, down -0.87% on the day. Copper prices continued to be weighed down by lingering concerns over a slowdown in the world’s top consumer of the red metal, after Chinese CPI data showed that price pressures fell to lowest levels in 5 years.
The disappointing data fuelled fears that China will miss its annual growth target of 7.5% and added to speculation that the government will need to roll out fresh stimulus measures to avert a sharper slowdown.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.917 (20-day SMA), above which gains could be extended to 2.93 levels. Meanwhile, support is seen at 2.898 (50-day SMA), below which it can extend losses to 2.87 levels.
The red metal trades now at USD 2.902/ pound, down -0.87% on the day. Copper prices continued to be weighed down by lingering concerns over a slowdown in the world’s top consumer of the red metal, after Chinese CPI data showed that price pressures fell to lowest levels in 5 years.
The disappointing data fuelled fears that China will miss its annual growth target of 7.5% and added to speculation that the government will need to roll out fresh stimulus measures to avert a sharper slowdown.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.917 (20-day SMA), above which gains could be extended to 2.93 levels. Meanwhile, support is seen at 2.898 (50-day SMA), below which it can extend losses to 2.87 levels.