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23 Jan 2015
Copper headed for a sixth weekly loss after weak China data
FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, declined after a gauge of manufacturing in China showed contraction in activity in January.
Copper March futures traded 0.96% lower at USD 2.554/pound, compared to the previous session’s close at USD 2.579/pound. The metal is trading week below the previous week’s closing at USD 2.617/pound. The red metal came under pressure after the preliminary HSBC China Manufacturing Purchasing Managers Index, released earlier today, rose to 49.8 in January, compared with a final reading of 49.6 in December. Though a marginal improvement, the index is still below 50.00, which indicates a contraction of activity in the World’s largest importer of Copper.
Copper Technical Levels
The immediate support is seen at 2.533, under which the metal could fall to 2.517 levels. Meanwhile, resistance is seen at 2.556 and 2.601 levels.
Copper March futures traded 0.96% lower at USD 2.554/pound, compared to the previous session’s close at USD 2.579/pound. The metal is trading week below the previous week’s closing at USD 2.617/pound. The red metal came under pressure after the preliminary HSBC China Manufacturing Purchasing Managers Index, released earlier today, rose to 49.8 in January, compared with a final reading of 49.6 in December. Though a marginal improvement, the index is still below 50.00, which indicates a contraction of activity in the World’s largest importer of Copper.
Copper Technical Levels
The immediate support is seen at 2.533, under which the metal could fall to 2.517 levels. Meanwhile, resistance is seen at 2.556 and 2.601 levels.