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Copper trades flat after ICSG report

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, is trading flat today after the latest report from the International Copper Study Group (ICSG) showed a significant production surplus during the month of July.

Copper is trading 0.20% higher at USD 3.035/pound, giving recovered from the day’s low of USD 3.014/pound, The latest ICSG data showed an apparent production surplus of 77,000 mt in July after six months of consecutive deficits. However, for the Jan-July period, the data indicates a production deficit of 589,000 mt against the production surplus of 22,000 mt for the same period of 2013.

Meanwhile, prices also received support after the data revealed an increase of 12% in the world usage in the first seven months of the current year. Moreover, a strong apparent demand from China is cited mentioned in the ICSG report.

Copper Technical levels

Copper has an immediate resistance of 3.059 (Oct 10 high), above which the metal can rally to 3.085 levels. On the downside, an immediate support is located at 3.00 levels.

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