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Copper trades flat after Goldman cuts price forecast

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, trades flat after the investment bank Goldman Sachs said the metal will fall next year due to the strength in the US Dollar and cheaper input prices.

Copper traded largely unchanged at USD 3.038/pound at the time of writing. The metal has been in a narrow range, unable to rise above USD 3.05 levels off-late. Moreover, Goldman Sachs said prices could fall below its estimates to average USD 5,600/tonne if China’s state stockpiling agency stops buying copper. Moreover, lower energy prices coupled with low cost of equipments such as steel and mining explosives, point to a decline in the Copper production costs over the next twelve months.

Comex Copper Technical Levels

Copper has an immediate support located at 3.023, under which prices can fall to 3.014. Meanwhile, resistance is seen at 3.061 and 3.074 levels.

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