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24 Feb 2015
Copper spikes to fresh highs below USD 2.60/pound
FXStreet (Mumbai) - Copper prices on Comex erased previous losses and edged gradually higher to fresh daily highs in the European session, despite a broadly stronger US dollar.
Copper remains 2.60 levels
The red metal trades at fresh highs of 2.595 levels, recording a 0.30% gain on the day, having previously posted day’s low at 2.565 levels. Copper prices edged slightly higher as ongoing Euro group discussion on Greek reforms and likely approval of the reforms list securing the loan extension boosted investors’ sentiments.
However, the upside in copper prices is likely to remain capped on the back of a stronger greenback ahead of Yellen’s testimony due later today. Also, lack of Asian demand for the metal amid dry volume on the back of week-long Chinese New Year is also expected to weigh on the red metal prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.60, above which gains could be extended to 2.62 levels. Meanwhile, support is seen at 2.55 levels, below which it can extend losses to 2.534 levels.
Copper remains 2.60 levels
The red metal trades at fresh highs of 2.595 levels, recording a 0.30% gain on the day, having previously posted day’s low at 2.565 levels. Copper prices edged slightly higher as ongoing Euro group discussion on Greek reforms and likely approval of the reforms list securing the loan extension boosted investors’ sentiments.
However, the upside in copper prices is likely to remain capped on the back of a stronger greenback ahead of Yellen’s testimony due later today. Also, lack of Asian demand for the metal amid dry volume on the back of week-long Chinese New Year is also expected to weigh on the red metal prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.60, above which gains could be extended to 2.62 levels. Meanwhile, support is seen at 2.55 levels, below which it can extend losses to 2.534 levels.