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Copper gains as economic activity improves in China and Germany

FXStreet (Mumbai) - Copper is trading higher in the European session today as the investors price-in an expansion of manufacturing activity in China and Germany.

Copper, on the Comex division of the New York Mercantile Exchange, is trading 0.33% higher at USD 3.028/pound. Prices had hit a low of USD 3.009 earlier today. The metal recovered after the HSBC PMI manufacturing index highlighted an expansion in the activity in the world’s second largest economy and the world’s largest copper importer. The Chinese flash HSBC PMI index for October rose to a 3-month high.

Meanwhile, prices got a further boost after a similar PMI reading highlighted the expansion of both, the manufacturing as well as the service sector activity in Germany, the world’s third largest importer of Copper. Copper prices were under pressure after the International Copper Study Group (ICSG) data showed a production surplus in July.

Copper Technical levels

Copper has an immediate resistance of 3.045, above which prices can rise to 3.059 levels. On the flip side, Copper may decline to 2.97 levels if the immediate support of 3.00 is breached.

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