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23 Feb 2015
Copper drops to fresh four-day lows
FXStreet (Mumbai) - Copper prices on Comex erased previous gains and fell to fresh four day lows as stronger US dollar continued to weigh on the red metal prices.
Copper back below 2.60 levels
The red metal trades at 2.569 levels, recording a -0.87% loss on the day, having previously posted day’s low at 2.566 and day’s high at 2.609 levels. Copper prices pared gains as the US dollar regained its lost ground across the board. The US dollar index, measuring the relative strength of the greenback versus six major currencies, trades at two week highs of 94.96 levels, up 0.57% on the day.
Moreover, traders remained on the sidelines ahead of Greece’s delivery of list of reforms to the Euro group, pushing the prices lower. Also, lack of Asian demand for the metal amid dry volume on the back of week-long Chinese New Year also hit 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 back below 2.60 levels
The red metal trades at 2.569 levels, recording a -0.87% loss on the day, having previously posted day’s low at 2.566 and day’s high at 2.609 levels. Copper prices pared gains as the US dollar regained its lost ground across the board. The US dollar index, measuring the relative strength of the greenback versus six major currencies, trades at two week highs of 94.96 levels, up 0.57% on the day.
Moreover, traders remained on the sidelines ahead of Greece’s delivery of list of reforms to the Euro group, pushing the prices lower. Also, lack of Asian demand for the metal amid dry volume on the back of week-long Chinese New Year also hit 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.