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Comex Copper trades flat

FXStreet (Mumbai) - Copper prices, on the Comex division of the New York Mercantile Exchange, trades flat after recovering from the near four-week low levels hit yesterday.

Copper for December delivery traded 0.02% lower at USD 2.994/pound at the time of writing. The metal prices came under pressure after the data in China released yesterday showed a slowdown in Industrial output and Fixed-asset investments in October.

Moreover, the metal also fell as investors liquidated positions in Copper to cover leveraged positions in Crude Oil. "People needed money to cover margin calls after oil dropped, and they sold what was most liquid, which is copper," said George Gero, a senior vice president at RBC Capital Markets Global Futures.

Copper prices may fall today if the Eurozone third-quarter GDP data paints a dull picture which shall accentuate concerns of a global growth slowdown.

Comex Copper Technical Levels

Copper has an immediate support at 2.951 (Oct 12 low), below which losses could be extended to 2.928 levels. Meanwhile, resistance is seen at 3.006 and 3.05.

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