23 Dec 2014
Comex Copper extends losses
FXStreet (Mumbai) - Copper futures on Comex traded almost unchanged in a very choppy Asian session, as drawing liquidity from the markets ahead of Christmas weighs on the metal.
The red metal now trades at USD 2.871/ pound, 0.14% lower on the day, after posting day’s high of USD 2.881/ pound. Copper prices fell in the US trading after data showed sales of previously owned homes in the US tumbled last month, raising concerns about demand for the metal. Existing-home sales declined 6.1 per cent in November from a month earlier to a seasonally adjusted annual rate of 4.93 million, the National Association of Realtors said Monday. That was the lowest level since May. Also, a massive sell-off triggered in precious metals and oil yesterday also sent the red metal tumbling down.
Copper prices may remain wary ahead of US consumer durable goods, consumer sentiment and new home sales numbers due out later in the day.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.893 (Dec 17 High), above which gains could be extended to 2.904 (Dec 19 High) levels. Meanwhile, support is seen at 2.864 (Dec 15 Low), below which it can extend losses to 2.844 (Dec 16 Low) levels.
The red metal now trades at USD 2.871/ pound, 0.14% lower on the day, after posting day’s high of USD 2.881/ pound. Copper prices fell in the US trading after data showed sales of previously owned homes in the US tumbled last month, raising concerns about demand for the metal. Existing-home sales declined 6.1 per cent in November from a month earlier to a seasonally adjusted annual rate of 4.93 million, the National Association of Realtors said Monday. That was the lowest level since May. Also, a massive sell-off triggered in precious metals and oil yesterday also sent the red metal tumbling down.
Copper prices may remain wary ahead of US consumer durable goods, consumer sentiment and new home sales numbers due out later in the day.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.893 (Dec 17 High), above which gains could be extended to 2.904 (Dec 19 High) levels. Meanwhile, support is seen at 2.864 (Dec 15 Low), below which it can extend losses to 2.844 (Dec 16 Low) levels.