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Comex Copper falls below USD 3.00/pound

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, faced rejection at the short-term moving averages – 5-DMA and 10-DMA – located at USD 3.0168 and USD 3.0226 respectively.

The metal trades 0.26% lower at USD 2.998/pound at the time of writing. Copper prices have been unable to gain strength as the markets doubt whether the interest rate cut announced in China or implementing more aggressive monetary stimulus measures in the Eurozone shall immediately translate into economic growth and increased demand for the metal.

Moreover, the bearish sentiment is strong enough to ensure the metal did not gain despite an upbeat US GDP report released earlier today.

Comex Copper Technical Levels

The metal has an immediate support located at 2.98, under which prices can fall to 2.967 levels. Meanwhile, resistance is seen at 3.0168 (5-DMA) and 3.0226 (10-DMA).

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