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Copper trades flat as output from Glencore rises 8%

FXStreet (Mumbai) - Copper prices are trading flat today, despite a release of a better-than-expected ISM manufacturing data in the US yesterday.

Copper, on the Comex division of the New York Mercantile Exchange, is trading 0.04% lower at USD 3.064/pound. The metal has failed to capitalize on the strong US manufacturing data released yesterday. Moreover, a surge in the US Dollar has capped the upside in the metal prices.

Meanwhile, the Long-listed company Glencore’s copper production rose 8% in the first nine months of the year. Five analysts surveyed by Reuters had given nine-month output forecasts ranging from 1.13 to 1.16 million tonnes. The rise in production should calm down the fears of production deficit that were triggered last week on account of a strike at the mines in Indonesia and Peru.

Copper Technical levels

Copper has an immediate resistance located at 3.093, above which the prices can rise to 3.114 levels. On the other hand, the metal can fall to 3.043 levels, if the immediate support at 3.055 is breached.

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