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Copper stalls on weak Eurozone Industrial Production data

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, is trading flat after the disappointing Eurozone Industrial Production data hit the wires.

Copper for December delivery is trading at USD 3.058/pound, slightly down from a high of USD 3.062/pound. The Copper prices have strengthened since yesterday after the official data in China showed copper imports surged 14.7% from the previous month in September, hitting a 5 month high. The monthly imports were down 14.8% from a year earlier, but in the first nine months, inflows rose 10.5% on year to 3.59 million tones.

However, the disappointing German Zew survey data and the contraction in Industrial activity across the Eurozone has capped gains in Copper.

Copper Technical levels

Copper has an immediate resistance of 3.067 (Sep 29 high), above which prices can rally to 3.071 and 3.086 levels. On the flip side, prices can fall to 3.04 levels if the support level of 3.054 is taken out.

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