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4 Dec 2014
Comex Copper trades above USD 2.90/ pound
FXStreet (Mumbai) - Copper futures on Comex extended gains in the mid-European trading session as rising oil prices and a favourable China’s service sector report lent support to the red metal prices.
The metal traded 1.03% higher at USD 2.90/pound at the time of writing, compared to the previous session’s close of USD 2.872/pound. The metal also gained strength on the news that a fire broke out at Mongolia’s Oyu Tolgoi copper mine yesterday.
Copper Technical Levels
Copper has an immediate resistance at 2.917 (Dec 1 high), above which prices could go up to 2.951 (Oct 17 low) levels. Meanwhile, support is seen at 2.860 and 2.840 levels.
The metal traded 1.03% higher at USD 2.90/pound at the time of writing, compared to the previous session’s close of USD 2.872/pound. The metal also gained strength on the news that a fire broke out at Mongolia’s Oyu Tolgoi copper mine yesterday.
Copper Technical Levels
Copper has an immediate resistance at 2.917 (Dec 1 high), above which prices could go up to 2.951 (Oct 17 low) levels. Meanwhile, support is seen at 2.860 and 2.840 levels.