COMEX Copper slipped for third session in a row today. The metal saw lax activity yesterday but major losses were capped on continued strong US housing data. New residential construction in the US rose in the month of October, according to a report released by the Commerce Department on Wednesday. The report said housing starts surged up by 4.9% to an annual rate of 1.530 million in October after soaring by 6.3% to an upwardly revised rate of 1.459 million in September. COMEX Copper flipped back in Asia though as equities turned lower. The red metal currently trades at $3.18 per pound, down 0.31% on the day.
Shanghai base metals were mostly lower on Thursday morning, as traders grappled with optimism around a potential coronavirus vaccine and economic worries. Meanwhile, their counterparts on the LME traded mixed. Chinese copper futures slipped on Wednesday as concerns grew over rising COVID-19 cases worldwide that have prompted fresh lockdowns in the United States and Europe, but losses were capped by supply-side worry. Unions on strike at Chile’s Candelaria copper mine, owned by Canada’s Lundin Mining Corp, rejected a contract offer from the company on Tuesday, confirming the work stoppage would continue.
TREND : WEAK BEARISH / SIDEWAYS
Time : 19/11/2020
Pivot : 3.1942
Technical View : LONG ABOVE 3.2061
Target : 3.2178, 3.2548, 3.2773
Technical View : SHORT BELOW 3.1742
Target : 3.1543, 3.1328, 3.0948