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Copper erases five day gains

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, has erased entire gains of last five trading sessions, as the prices nosedived tracking the risk aversion in the financial markets.

Copper is trading 2.36% lower at USD 3.01/pound, after having hit a high of USD 3.085/pound earlier today. Moreover, the financial markets have turned risk averse on concerns of a slowdown in the global economy. The advanced economies already battling the problem of low inflation are threatened by the slump in Crude prices. The falling crude prices are expected to create deflationary pressures in the advanced economies.

Copper prices were already trading weak today after the slowdown in the Chinese inflation rate triggered concerns of a weak demand from the world’s largest Copper importer.

Copper Technical levels

Copper has breached the support level of 3.018, and is headed towards 3.00 levels. The prices may rebound to 3.058 levels if the metal is able to rise back above 3.02 levels.

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