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Comex Copper recovers losses, may post monthly gain

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, strengthened during the European session after recovering from the early slump. The metal has managed to inch higher despite a sharp rise in the US Dollar index.

Copper for December delivery is trading 0.79% higher at USD 3.087/pound, after having recovered from a low of USD 3.055 hit earlier in the day. Moreover, the metal may post monthly gains today as the probability of the metal falling below USD 3.008 levels is low.

The metal has been rising off-late on concerns that the strike at the Indonesia and the Peru mine may lead to a supply deficit by the year end. The global copper market is expected to be in a deficit for a fifth straight year in 2014 before switching to a surplus of about 390,000 tonnes next year, an industry group said this week.

The metal has also received support from the Bank of Japan’s stimulus expansion earlier today. Moreover, cheaper money tends to raise the value of the hard assets against the depreciating paper currency.

Comex Copper Technical levels

Copper has an immediate resistance at 3.114, above which the prices can rise to 3.14 levels. On the flip side, Copper may decline to 3.036, if the immediate support at 3.05 is breached.

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