Copper turned lower on growth concerns, speculators turn less bearish

FXStreet (Mumbai) - Copper prices on the Comex division of the New York Mercantile Exchange and on the London Metal Exchange (LME) declined from a two-week high as the recession in Japan triggered fresh concerns regarding the state of the global economy.

Comex Copper traded 0.49% lower at USD 3.032/pound at the time of writing the three month copper on the LME declined 0.3% to trade at USD 6686/tonne. The metal declined after Japan unexpectedly slipped into the recession during the third quarter. Moreover, the demand for the metal is expected to stay muted next year due to a slowdown in the global economy.

Meanwhile, the Commodity Futures Trading Commission (CFTC) data released on Friday showed the hedge fund and money managers cut their bearish bets on Copper, taking their net- short position to 1,664 contracts, compared with 5,961 contracts a week earlier.

The metal markets now await the US industrial output figures due later today.

Comex Copper Technical Levels

Copper has an immediate resistance at 3.05, above which prices may re-test 3.061 levels. Meanwhile, support is seen at 3.018 and 3.00 levels.