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23 Jan 2015
Comex Copper falls 3% on weak manufacturing activity across the globe
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, extended slide during the Us session on concerns of a slowdown in manufacturing activity in major economies across the globe.
The red metal now trades 3.06% lower at USD 2.50/pound. The slide began in the Asian session today after the data showed the Chinese manufacturing activity contracted in January. On similar lines, the pace of expansion in manufacturing activity in Germany also slowed down in January. The weakness was extended further during the US session after the Preliminary Markit Manufacturing PMI index came-in at 53.7, missing expected print of 54.00 and down from December’s final print of 53.9. Furthermore, a sharp rise in the US dollar also weighed on Copper prices. The USD index traded at 94.90 levels at the time of writing.
Copper Technical Levels
The immediate support is seen at 2.476 (Jan 2007 low), under which prices could test 2.424 (Jan 14 low) levels. Meanwhile, resistance is seen at 2.517 and 2.533 levels.
The red metal now trades 3.06% lower at USD 2.50/pound. The slide began in the Asian session today after the data showed the Chinese manufacturing activity contracted in January. On similar lines, the pace of expansion in manufacturing activity in Germany also slowed down in January. The weakness was extended further during the US session after the Preliminary Markit Manufacturing PMI index came-in at 53.7, missing expected print of 54.00 and down from December’s final print of 53.9. Furthermore, a sharp rise in the US dollar also weighed on Copper prices. The USD index traded at 94.90 levels at the time of writing.
Copper Technical Levels
The immediate support is seen at 2.476 (Jan 2007 low), under which prices could test 2.424 (Jan 14 low) levels. Meanwhile, resistance is seen at 2.517 and 2.533 levels.