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Copper declines as BHP Billiton eyes higher output

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, fell into the red after BHP Billiton, said it is targeting a dramatic rise in the Copper production.

Copper traded 0.12% lower at USD 3.026/pound at the time of writing. The metal hit a high of USD 3.046 earlier today, before moving lower on the BHP Billiton news. The company said it was evaluating plans to more than double copper production at South Australia’s Olympic Dam operation to 450,000 tonnes annually by the middle of the next decade. Olympic Dam currently produces 200,000 tonnes of copper annually and the miner will add another 50,000 tonnes of copper in the 2018 financial year.

Copper prices had gained strength on Friday, after China unexpectedly announced an interest rate cut for the first time in more than two years. Investors pushed up metal prices on the expectation that a rate cut in China would translate into an increased demand for the metal.

Copper Technical Levels

The prices have an immediate resistance at 3.046, above which the metal may extend gains to 3.055 levels. Meanwhile, support is seen at 3.00 and 2.981 levels.

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