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Comex Copper trades below USD 3.00

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, declined for the second consecutive session as the investors started moving back into the US Dollar.

Copper is trading 0.84% lower at USD 2.995/pound, compared to the previous session’s close of USD 3.020/pound. Meanwhile, the US Dollar index is up 0.21% at 88.06 levels. Moreover, the metal price failed to rally after workers at Antamina, Peru’s biggest Copper mine, went on a strike yesterday.

Copper production at Antamina has dipped due to lower grades this year, but the mine has still been running at an impressive rate of 30,000 tonnes per month. “On a global scale, about 2 to 3 percent of global supply comes out of Antamina on the copper side of things, ” the analyst said. “It’s a significant mine for sure.” Still, the concerns of a slow down in China and Europe along with the strength in the US Dollar is capping gains in the metal.

Comex Copper Technical Levels

Copper has an immediate support at 2.993, under which prices can fall to 2.974. Meanwhile, the metal may re-test 3.02, if the immediate resistance at 3.007 is breached.

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