Copper erases gains driven by Chinese data

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, edged lower during the US sessions, even though the data over the weekend showed Chinese imports climbed during October.

Copper for December delivery is trading 0.19% lower at USD 3.033/pound; down from the high of USD 3.051 hit earlier today. However, the metal has managed to hold above USD 3.00 levels despite falling to a low of USD 3.018.

The metal had gained earlier today after the official data in China released over the weekend showed copper imports climbed 2.6% in October from month ago, beating expectations that it would fall due to the week long holiday early in the month. Customs showed that China, the world's top consumer of copper, shipped in 400,000 tonnes of the metal in October.

Moreover, the import number is bullish for metal prices as it rose above the 300,000 level for the first time since April. However, Copper could not sustain gains as the overall Chinese export import data slowed in October, which reinforced concerns regarding a slowdown in the world’s biggest consumer of metals.

Comex Copper Technical Levels

Copper has an immediate support at 3.018, under which prices can fall to 2.993. On the flip side, the metal may rise to 3.069, if the immediate resistance at 3.051 is breached.