COMEX Copper saw steady buying in dips. Supportive US data helped the metal. : A reading on leading US economic indicators increased in line with economist estimates in the month of October, according to a report released by the Conference Board on Thursday. The Conference Board said its leading economic index climbed by 0.7 percent in October, matching the increase seen in the previous month. COMEX Copper currently trades at $3.21 per pound, up 0.20% on the day.
Meanwhile, the IMF noted that global GDP is now projected to contract 4.4% in 2020 and stage an uneven and partial recovery next year. In a separate blog post, IMF Managing Director Kristalina Georgieva hailed what she called significant progress in the development of vaccines to vanquish a virus that has claimed more than a million lives around the globe and resulted in tens of millions of job losses.
Base metals on the SHFE were mostly higher on Friday morning, and their counterparts on the LME also rose for the most part. The US dollar index fell sharply at the end of the US session, and copper futures were boosted and turned to rise. 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 : BULLISH
Time : 20/11/2020
Pivot : 3.1934
Technical View : LONG ABOVE 3.2123
Target : 3.2178, 3.2548, 3.2773
Technical View : SHORT BELOW 3.1835
Target : 3.1733, 3.1393, 3.1193