COMEX Copper saw an impressive recovery amid an intraday bounce in DOW. The metal added more than 1% to test one week high of $3.09 per pound.. US economic cues were mixed though. Growth in New York manufacturing activity slowed by more than expected in the month of October, the Federal Reserve Bank of New York revealed in a report on Thursday. The New York Fed said its general business conditions index slid to 10.5 in October from 17.0 in September. The Philly Fed said its diffusion index for current activity rose to 32.3 in October from 15.0 in September. First-time claims for US unemployment benefits rose in the week ended October 10th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 898,000, an increase of 53,000 from the previous week’s revised level of 845,000.
Copper prices rose on Friday
Copper prices rose on Friday as hopes of strong demand in top metals consumer China and risks of supply disruptions outweighed concerns that a resurgence in COVID-19 cases in Europe may weaken the global economic recovery momentum. Chilean state-run copper miner Codelco said it was producing at full capacity and aims to meet its 2020 output targets. Aurubis, Europe’s biggest copper smelter, will offer unchanged 2021 copper premiums to its customers of $96 per tonne above LME prices.
TREND : SIDEWAYS
Time : 16/10/2020
Pivot : 3.0572
Technical View : LONG ABOVE 3.0797
Target : 3.1022, 3.1291, 3.1717
Technical View : SHORT BELOW 3.0429
Target : 3.0287, 2.9871, 2.9592