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Comex Copper trades flat ahead of the US jobs data

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, is trading sideways today as investors wait for the monthly US jobs data, which will provide more clues regarding the strength of the US economic recovery.

Copper for December delivery is trading 0.06% lower at USD 3.016/pound. The metal remained under pressure throughout the week as the US Dollar rose to a seven-year high against the basket of currencies. However, the metal managed to hold above USD 3.00 levels on a strong US ADP jobs report and weekly jobless claims report which painted a strong picture of the jobs sector. On the other hand, gains were capped by concerns of a slowdown in China, the world’s largest copper importer.

Copper Technical Levels

Copper has an immediate resistance at 3.031 on the hourly chart, above which the prices can rise to 3.04 levels. Meanwhile, resistance is seen at 2.993, under which prices can fall to 2.964.

Poland Central Bank FX Reserves declined to €79.6B in October from previous €80.33B

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