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5 Dec 2014
Comex Copper trades above 20-day SMA
FXStreet (Mumbai) - Copper futures on Comex climbed back from the red territory, for the first time in three days, buoyed by signs of revival in Chinese demand for the metal.
Comex copper trades at USD 2.918/ pound levels, 0.23% higher at the time of writing. The strength in the red metal was also seen on expectations of robust US employment data, signalling a resilient US economic recovery which may boost the demand for the metal.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.93 (Dec 4 High), above which gains could be extended to 2.95 levels. Meanwhile, support is seen at 2.91 (20-day SMA), below which it can extend losses to 2.89 (50-day SMA) levels.
Comex copper trades at USD 2.918/ pound levels, 0.23% higher at the time of writing. The strength in the red metal was also seen on expectations of robust US employment data, signalling a resilient US economic recovery which may boost the demand for the metal.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.93 (Dec 4 High), above which gains could be extended to 2.95 levels. Meanwhile, support is seen at 2.91 (20-day SMA), below which it can extend losses to 2.89 (50-day SMA) levels.