OctaFX | OctaFX Forex Broker
Open trading account

Comex Copper falls to two-week lows

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, is trading below USD 2.986/pound level for the first time since 2nd Oct.

Copper is trading 1.12% lower at USD 2.974/pound, down from a high of USD 3.02/pound hit earlier today. The metal had hit a high of USD 3.104 yesterday before prices fell tracking the fall in the risk assets across the globe. Copper took a hit especially after the disappointing US retail sales data hit the wires.

Moreover, the threat of a slowdown in the global economy is pulling down the Copper prices. The prices have declined this week, despite the rise in the demand from China, the world’s largest consumer of Copper. We could see the prices slid further if the European and the US Equity markets extend their fall today.

Copper Technical levels

Copper has an immediate resistance of 2.986 (Oct 2nd low), above which prices can re-test 3.00 levels. Meanwhile, the prices can slump to 2.928 levels if the immediate support of 2.971 is taken out.

EUR/USD ignores CPI data, back above 1.28

EUR/USD spent some time trying to settle above 1.28; it is trading at 1.2808.
Read more Previous

US rate hike expectations would subside on continued market turmoil - BTMU

Derek Halpenny, European Head of Currency Strategy at the Bank of Tokyo Mitsubishi UFJ comments on yesterday's violent swing in stocks, suggesting that if the volatility lingers it might push back Fed rate hike expectations.
Read more Next
Start livechat