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Copper recovers losses on China data

Copper prices are trading marginally higher today after the official data in China showed that the demand for Copper ore and concentrates from the world’s second largest economy and the world’ largest consumer of Copper increased for a second month.

Copper for December delivery, on the Comex division of the New York Mercantile Exchange, is trading 0.09% higher at USD 3.038/pound. Prices have recovered from a low of USD 3.02/pound due to a upbeat Chinese trade data.

Moreover, Chinese imports rose for a month to a record as the world’s biggest producer of the refined metal boosts capacity. Chinese imports through the first nine months of the year are 20 percent higher than the same period in 2013.

The Chinese import data helped Copper prices recover its losses, although gains are capped since the concerns of global growth slowdown still dominate the market sentiment.

Copper Technical levels

Copper has an immediate support of 3.021 (daily low), while the immediate resistance is located at 3.043 (Oct 10 high), breach of which can push prices to 3.06 levels.

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