COMEX Copper surged amid supportive economic data from the US and China. The red metal struggled after the US Presidential debate but saw a good pullback above $3 per pound as US equities jumped. The metal currently trades at $3.03 per pound, up 0.56% on the day.
The US National Association of Realtors (NAR) said pending home sales in the US jumped to a record high in the month of August. NAR said its pending home sales index spiked by 8.8% to 132.8 in August after surging up by 5.9% to 122.1 in July. The payroll processor ADP said private sector employment spiked by 749,000 jobs in September after jumping by an upwardly revised 481,000 jobs in August.
Data out earlier in the day showed that China’s manufacturing sector continued to expand in September, with a manufacturing purchasing managers index score of 51.5, the latest survey from the National Bureau of Statistics showed on Wednesday. That is up from 51.0 in August. It also moves further above the boom-or-bust line of 50 that separates expansion from contraction. The bureau also said its non-manufacturing PMI came in with a score of 55.9, up from 55.2 in the previous month.
Copper prices rebounded on Wednesday
Copper prices rebounded on Wednesday on strong economic data from top metals consumer China and the United States, shrugging off a surge in inventories. Copper fluctuated between modest losses and gains in early trade but climbed after the U.S. payrolls data was released. China’s factory activity extended solid growth in September, underlining a steady economic recovery from the coronavirus shock, while U.S. data showed private employers stepped up hiring in September by more than forecast. A second wave of COVID-19 in Europe and uncertainties over new fiscal stimulus and US presidential elections will limit the upward space for copper prices.
TREND : WEAK BULLISH / SIDEWAYS
Time : 01/10/2020
Pivot : 3.0155
Technical View : LONG ABOVE 3.0371
Target : 3.0587, 3.0814, 3.1231
Technical View : SHORT BELOW 3.0029
Target : 2.9903, 2.9496, 2.9259