Home Forex News Copper Futures Rose Yesterday Amid Steady Gains

Copper Futures Rose Yesterday Amid Steady Gains

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A report released by the Labor Department on Thursday showed a modest decrease in first-time claims for US unemployment benefits in the week ended October 3rd. The Labor Department said initial jobless claims edged down to 840,000, a decrease of 9,000 from the previous week’s revised level of 849,000. Germany’s exports were up 2.4% in August from 4.7% in July, data from Destatis revealed Thursday. Meanwhile, the month-on-month increase in imports accelerated to 5.8 percent from 1.1%. As a result, the trade surplus fell to a seasonally adjusted EUR 15.7 billion from EUR 18 billion in July.

A measure of the public assessment of the Japanese economy continued to gain in September, survey data from the Cabinet Office showed on Thursday. The current conditions index of the Economy Watchers’ Survey, which measures the current situation of the economy, increased notably to 49.3 in September from 43.9 in August. The outlook index that signals future activity moved to 48.3 in September from 42.4 in the previous month, rising for a second month.

Copper prices may get support as China’s Service Purchasing Managers’ Index (PMI) for the Month of September rises month-to-month at 54.8, beating 54.4 estimates. Charges to refine copper concentrate (ore) into metal should remain stable in 2021 as the copper industry has come through the coronavirus crisis well. Copper prices have been supported recently by concern about potential strikes in Chile, the world’s biggest copper producer. A union of workers at Lundin Mining ́s Candelaria copper mine in Chile walked off the job on Thursday after talks broke down earlier this week.

TREND : WEAK BULLISH

Time                                      :           09/10/2020

Pivot                                     :           3.0429

Technical View                     :           LONG ABOVE 3.0643

Target                                   :           3.0857, 3.1091, 3.1502

Technical View                      :           SHORT BELOW 3.0301

Target                                   :           3.0172, 2.9771, 2.9527

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