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Comex Copper hangs around USD 3.00

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantil Exchange, has recovered from April lows on hopes of a fresh Chinese stimulus.

Copper for December delivery is trading at USD 2.997/Pound , down from a high of USD 3.01 hit earlier today. The metal recovered from a low of 2.951 hit on Friday after the People’s Bank of China indicated its plan to extend short-term loans worth 200 billion Yuan to 20 large banks in order to boost the consumption. Moreover the latest measures are monetary and rely on the business sector to seek more credit.

Copper also received some support from the rebound in the US markets on Friday. The strength in the Asian markets pushed the metal above USD 3.00. However, the gains may not last long because the sentiment about China’s economic outlook remains weak. The landscape for demand for copper still looks quite weak as the majority of the globe is slowing down, China included,” said James Cordier, president of Liberty Trading Group in Tampa, Fla.

Copper Technical levels

Copper has an immediate resistance of 3.026 (Oct 16 high), above which the prices can rise to 3.06 levels. Meanwhile, the metal may fall to 2.951 levels if the support of 2.986 (Oct 2 low) is breached.

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