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Comex Copper gains 1%

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, advanced after the building permits in the US rose to the highest since 2008.

Copper traded 1.09% higher at USD 3.036/pound at the time of writing. The metal recovered from a low of USD 2.99 earlier today on hopes that additional stimulus measures in the Eurozone will spur economic growth. The gains were extended further after the official data in the US showed building permits rose to an annualized 1.080 million in October, the highest in six years. Month-on-month, the permits increased 4.8%, exceeding expectations of a 0.9% jump. However, housing starts declined 2.8% in October, which may cap gains in the metal.

Copper prices more or less stabilized around USD 3.00 since yesterday after an improving sentiment in Germany and talks of stimulus in the Eurozone. However, the broader gains have been capped by the expectation of surplus in the next year.

Comex Copper Technical Levels

Copper has an immediate support located at 2.99, under which the losses could be extended to 2.982 levels. Meanwhile, a strong resistance is seen at 3.05 and 3.061 levels.

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