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8 Jan 2015
Copper rises for the first time in 2015
FXStreet (Mumbai) - Copper, which has had its worst start to the year since 2007, advanced for the first time this year on the prospects of stimulus from the Eurozone and increased signs of strength in the US economy.
Copper for delivery in three months on the London Metal Exchange gained 0.3% to USD 6,136/ton, compared to the previous session’s close at USD 6115/ton; its lowest since June 2010. The economic malaise in the Eurozone has increased bets of sovereign QE. The speculations increase further after the data released yesterday showed deflation in the Eurozone. Goldman Sachs Group Inc. economist Dirk Schumacher expects the European Central Bank (ECB) to announce further easing measures on Jan. 22.
Meanwhile, Copper, at the Comex division of the New York Mercantile Exchange, advanced 0.65% to trade USD 2.776/pound.
Comex Copper Technical Levels
The immediate resistance is seen at 2.7988 (10-DMA), above which gains could be extended to 2.825 (Dec. 17 low). Meanwhile, support is seen at 2.7585 and 2.753 levels.
Copper for delivery in three months on the London Metal Exchange gained 0.3% to USD 6,136/ton, compared to the previous session’s close at USD 6115/ton; its lowest since June 2010. The economic malaise in the Eurozone has increased bets of sovereign QE. The speculations increase further after the data released yesterday showed deflation in the Eurozone. Goldman Sachs Group Inc. economist Dirk Schumacher expects the European Central Bank (ECB) to announce further easing measures on Jan. 22.
Meanwhile, Copper, at the Comex division of the New York Mercantile Exchange, advanced 0.65% to trade USD 2.776/pound.
Comex Copper Technical Levels
The immediate resistance is seen at 2.7988 (10-DMA), above which gains could be extended to 2.825 (Dec. 17 low). Meanwhile, support is seen at 2.7585 and 2.753 levels.