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Copper declines on growth concerns

FXStreet (Mumbai) - Copper prices have edged lower today after prices failed to break above a key technical level yesterday. The metal is trading lower today on the Comex division of the New York Mercantile Exchange.

Copper for December delivery is trading 1.05% lower at USD 2.998/pound. The underlying weakness was evident yesterday as prices failed to capitalize on the “risk-on” rally in stock markets and declined after Germany, the biggest economy in the Eurozone and the third largest consumer of metals, reported a surprisingly weak export data. This raised concerns of a slowdown in the global economy, which resulted in Copper ending yesterday 0.65% lower from a high of 3.06.

Metal prices have also come under pressure today due to the rebound in the US Dollar index, which is trading 0.11% higher today at 85.75. Copper prices may slide further if the US Dollar continues to strengthen.

Copper Technical levels

Copper failed to sustain above 3.05 levels yesterday opening doors for a further sell-off. The metal has an immediate support of 2.986 (low of 2nd Oct, 2014), while the immediate resistance is located at daily high of 3.03.

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