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Comex Copper ends three-day rally

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, declined today after rising for three-consecutive sessions. The metal came under pressure tracking a sharp rise in the US Dollar Index after the Fed statement tilted towards the hawkish side.

Copper is trading 0.90% lower USD 3.077/bushel, down from the yesterday’s high of USD 3.114. The metal rallied this week on fears that a strike at the Indonesia and the Peru copper mine may create a supply deficit. However, the strong US Dollar has reduced the appeal of the other assets including Copper. The US Dollar Index is trading at 86.32, up from the yesterday’s low of 85.25.

The yellow metal may bounce back on signs of weakness in the US Dollar index, since the threat of supply disruption exists due to the strike at major coal mines.

Copper Technical levels

Copper has an immediate resistance at 3.09, above which prices can rally to 3.114. Meanwhile, a strong support is seen at 3.063, below which prices can fall to 3.02 levels.

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