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Comex Copper hovers around USD 3.00

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, is trading flat around USD 3.00/Oz levels today as earlier gains were capped by the strength in the US Dollar.

The metal found some support after Peru’s deputy mines minister said that the supply from the world’s third largest copper producer would less than what was previously expected. Meanwhile, the demand side pressures are likely to remain weak owing to a slowdown in China and Eurozone. Moreover, the supply is expected to remain strong. Analysts polled by Reuters in October expected the copper market to show a surplus this year and an even bigger surplus in 2015.

Comex Copper Technical Levels

Copper has an immediate resistance at 3.02 on the hourly chart, above which the prices can rise to 3.043 levels. On the flip side, the metal may fall to 2.965 levels, if the immediate support at 2.994 is breached.

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