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Comex Copper stuck at USD 3.05

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, has extended gains today , although prices appear stuck around a technical resistance in the European session.

Copper is trading 0.23% higher at USD 3.047/pound extending gains witnessed yesterday. Moreover, the metal recovered on strong manufacturing activity data out of China and Germany. An upbeat jobless claims data and the Chicago Fed national activity index released in the US also helped support Copper.

However, the metal is stuck around USD 3.05 levels as the markets have turned risk averse on the Ebola scare. The gains have been capped due to a negative “rub-off” from the weak equity prices. The metal hit a production surplus in July as per the International Copper study Group (ICSG), which is also capping gains in the metal.

Copper Technical levels

Copper has an immediate resistance at 3.05, above which prices may test 3.059 and 3.067 levels. Meanwhile, a decline from 3.05 levels may open doors for a re-test of 3.02 levels.

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