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13 Nov 2014
Copper unhurt by weak China data
FXStreet (Mumbai) - Copper traded marginally positive at the time of writing despite the weakness in the Chinese Industrial Production data.
Copper, on the Comex division of the New York Mercantile Exchange, advanced 0.34% higher at USD 3.035/pound, compared to the previous session’s close of USD 3.025. The metal remained resilient even as a sharp slowdown in Chinese industrial production data highlights the concerns of over demand for commodities. China’s industrial production came in at 7.7% year-on-year, down from the 8% in September and also well below expectations of 8%. Fixed asset investment came in at 15.9% year-on-year, its lowest since January.
Moreover, there is also a talk that China may target a lower growth rate in 2015. However, markets are likely to remain unhurt, so long as the targeted growth rate is above the 7% mark.
Copper Technical Levels
Copper has an immediate resistance located at 3.051, above which it can rise to 3.067. On the flip side, support is seen at 3.014 and 2.99 levels.
Copper, on the Comex division of the New York Mercantile Exchange, advanced 0.34% higher at USD 3.035/pound, compared to the previous session’s close of USD 3.025. The metal remained resilient even as a sharp slowdown in Chinese industrial production data highlights the concerns of over demand for commodities. China’s industrial production came in at 7.7% year-on-year, down from the 8% in September and also well below expectations of 8%. Fixed asset investment came in at 15.9% year-on-year, its lowest since January.
Moreover, there is also a talk that China may target a lower growth rate in 2015. However, markets are likely to remain unhurt, so long as the targeted growth rate is above the 7% mark.
Copper Technical Levels
Copper has an immediate resistance located at 3.051, above which it can rise to 3.067. On the flip side, support is seen at 3.014 and 2.99 levels.