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Copper gains despite growth concerns

FXStreet (Mumbai) - Copper, on the New York Mercantile Exchange (NYMEX), has gained today despite the ongoing concerns of a global economic slowdown triggered by the downward revision of global growth forecasts by the International Monetary Fund (IMF) earlier this week.

Copper for the December delivery is trading 1.27% higher at USD 3.042/pound. Moreover, Copper prices have a got a “positive rub-off” from the gains in the risk assets across the globe. However, the gains have been capped somewhat after the London Metal Exchange (LME) data showed a rise of 275 tonnes in Copper Inventory today.

Also capping the gains was the sharp fall in German exports data released earlier today, which raised concerns regarding the health of the global economy.

Copper technical levels

Copper has a resistance of 3.049 (yesterday’s high), while the immediate support is located at the daily low of 3.019. Prices may test 3.06 if the resistance of 3.049 is taken out.

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