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5 Feb 2015
Copper slumps as inventories soar
FXStreet (Mumbai) - Copper prices on Comex shaved-off previous gains and plunged about 2% as copper stock levels at the LME warehouse surged by 34350 tonnes, underscoring persistent lack of physical demand for the red metal.
Demand concerns resurfaces
The red metal plunged by -1.79% and trades at 2.545 levels, having previously posted day’s low at 2.537 levels Copper prices sank after inventory levels at LME warehouse showed an increase of massive 34350 tonnes which highlighted weaker physical demand. Moreover, rising stock piles also added to the oversupply worries surrounding the industrial metal.
The fall in copper prices was also on the back of traders locking in profits after China’s rate cut announcement to shore up country’s growth boosted the red metal prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.60, above which gains could be extended to 2.618 levels. Meanwhile, support is seen at 2.52 levels, below which it can extend losses to 2.50 levels.
Demand concerns resurfaces
The red metal plunged by -1.79% and trades at 2.545 levels, having previously posted day’s low at 2.537 levels Copper prices sank after inventory levels at LME warehouse showed an increase of massive 34350 tonnes which highlighted weaker physical demand. Moreover, rising stock piles also added to the oversupply worries surrounding the industrial metal.
The fall in copper prices was also on the back of traders locking in profits after China’s rate cut announcement to shore up country’s growth boosted the red metal prices.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.60, above which gains could be extended to 2.618 levels. Meanwhile, support is seen at 2.52 levels, below which it can extend losses to 2.50 levels.