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Copper strengthens as strikes may reduce Surplus

FXStreet (Mumbai) - Copper prices are trading higher due to the strikes at the Grasberg project in Indonesia, coupled with a strike set to begin Nov. 10 at the Antamina mine in Peru.

The Comex Copper, on the New York Mercantile Exchange, is trading near the two-week highs at USD 3.092/pound levels. Moreover, estimates suggest that these two labor disruptions could remove 84,000 tonnes of mined copper supply through the end of 2014. Moreover, the average forecast for copper at the beginning of 2014 was a surplus of 600,000 tonnes. However, it may fall down to 70,000 tonnes or a deficit depending on the longevity of the two strikes.

Comex Copper Technical levels

Copper has an immediate resistance at 3.104 (Oct. 14 high), above which prices can rise to 3.12 levels. On the other hand, a failure to rise above 3.104 levels can send the prices down to 3.074 levels.

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