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Comex Copper extends slide

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, extended the decline to trade at three-week low as markets expect a fall in the US Durable goods orders.

Copper traded at 0.42% at USD 2.965/pound at the time of writing. The metal came under pressure yesterday after the US CB consumer confidence printed at 88.7, lower than expected print of 95.9, while the Richmond manufacturing index came-in at 4, lower than the predicted print of 18.

Meanwhile, the metal came under renewed pressure today as the October durable goods orders due for release today is likely to show a third straight decline. The data may see a contraction to -0.4 percent month-on-month after a revised 1.1 percent decline in September. The metal may also take cues from the weekly jobless claims data, which shall be released a day early instead of the usual Thursday release.

Comex Copper Technical Levels

The metal has an immediate support located at 2.946 (Nov. 25 low), below which prices may drop to 2.928 (Mar. 2014 low). Meanwhile, resistance is seen at 2.998 and 3.029 levels.

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