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Copper awaits China data

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, traded in the sideways manner as the investors await fresh fundamental triggers in the form of Chinese industrial production data due for release tomorrow.

Copper for December delivery is trading largely unchanged at USD 3.033/pound. The markets await the release of the official data in China tomorrow, which is likely to show Industrial production in the world’s second largest economy rose 8.5% in October.

Moreover, a strong factory data from China would provide a double boost to copper prices since released earlier this week had shown that Chinese imports of the metal rose for the second consecutive month in October.

Copper Technical Levels

Copper has an immediate resistance at 3.051, above which prices can rise to 3.074. Meanwhile, support is seen at 3.014 and 2.993.

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