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Copper falls on weak growth prospects

FXStreet (Mumbai) - Copper declined yesterday by the most in three weeks after the European Commission cut its growth and inflation forecasts for the Eurozone, weakening the demand side pressures of the base metals.

Copper, on the Comex division of the New York Mercantile Exchange, declined further today, trading 1.02% lower at USD 2.986/pound. The concerns of a slowdown in the global growth along with the production surplus forecasts for 2015 have kept copper prices under pressure.

Moreover, the metal extended the fall today on renewed concerns of a slowdown in China. The HSBC China Services Purchasing Managers Index edged down to 52.9 in October from 53.5 in September. The services data release follows a decline in China’s official non manufacturing purchasing managers index.

Copper Technical Levels

Copper has an immediate support located at 2.974, under which the prices can fall to 2.967. Meanwhile, a strong resistance is seen at 3.02 levels.

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