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Copper’s ascent halted by weak China data

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, retreated due to the slowdown in the manufacturing activity in China, the world’s largest importer of copper.

Copper traded 0.65% higher at USD 3.025/pound at the time of writing, compared to the previous session’s close of USD 3.045. The metal could extend the gains witnessed yesterday after the HSBC Chinese flash PMI reading for November came-in at 50.00, compared to the expectation of 50.2 and down from the previous month’s final reading of 50.4.

Meanwhile, the strength in the US dollar also caps gains in the metal. Moreover, a decline in the manufacturing activity in Germany, world’s third largest importer of copper, shall also weigh on the prices.

Comex Copper Technical Levels

The metal has an immediate support located at 3.014, under which losses could be extended to 2.99. Meanwhile, resistance is seen at 3.061 and 3.091 levels.

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