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4 Dec 2014
Comex Copper gains on jobless data, ECB stimulus hopes
FXStreet (Mumbai) - Copper, at the Comex division of the New York Mercantile Exchange, extended gains after the initial jobless claims in the US declined during the last week.
The metal traded 1.76% higher at USD 2.923/pound at the time of writing, compared to the previous session’s close of USD 2.872/pound. The metal gained strength after the labor department data in the US showed initial claims for state unemployment benefits dropped by 17K to a seasonally adjusted 297K for the week ended Nov. 29. The four-week moving average of claims held below 300K for the twelfth straight week, indicating labor market strength.
Meanwhile, the metal prices also received support from the expectations of more monetary stimulus from the European Central Bank.
Copper Technical Levels
Copper has an immediate resistance at above which prices face stiff resistance at 2.951 (Oct 17 low), above which prices could test another resistance located at 2.864. Meanwhile, support is seen at 2.917 (Dec 1 high) and 2.861.
The metal traded 1.76% higher at USD 2.923/pound at the time of writing, compared to the previous session’s close of USD 2.872/pound. The metal gained strength after the labor department data in the US showed initial claims for state unemployment benefits dropped by 17K to a seasonally adjusted 297K for the week ended Nov. 29. The four-week moving average of claims held below 300K for the twelfth straight week, indicating labor market strength.
Meanwhile, the metal prices also received support from the expectations of more monetary stimulus from the European Central Bank.
Copper Technical Levels
Copper has an immediate resistance at above which prices face stiff resistance at 2.951 (Oct 17 low), above which prices could test another resistance located at 2.864. Meanwhile, support is seen at 2.917 (Dec 1 high) and 2.861.