Home Forex News Copper Tumbles To One Week Low

Copper Tumbles To One Week Low

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Copper fell sharply in last session. US stocks fell Thursday, as the rebound in tech ran out of steam, while signs of a slowdown in the labor market raised concerns about the strength of the recovery at a time when the Republican stimulus package failed to win enough votes in the Senate to ensure passage of another stimulus package. COMEX Copper fell under 3 per pound mark and saw accelerated selling thereafter. The metal tanked 2.50% to test one week low of $2.97 per pound before witnessing a pullback.

Shanghai base metals, cruised lower on Friday morning, while their counterparts on the LME traded mixed, as data from US Labor Department showed that filings for unemployment claims remained high, suggesting a larbour market recovery from the coronavirus pandemic stalled. Grim outlook on economic recovery boosted risk aversion sentiment, weighing on copper prices. Besides, US dollar index rebounded overnight, returning above 93, and three of the major US stock indexes all closed lower, which also dragged on copper prices. LME copper stocks increased for the first time since August 17, but remained at low levels.

LME Inventories Data

Copper 75975 (2550)

All figures in tonnes, Daily change in bracket.

TREND : SIDEWAYS

Time                                      :           11/09/2020

Pivot                                      :           2.9768

Technical View                     :             LONG ABOVE 3.0035

Target                                   :            3.0303, 3.0803, 3.1268

Technical View                     :             SHORT BELOW 2.9633

Target                                   :            2.9298, 2.8843, 2.8333

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