Wednesday, 21 January 2015

Copper futures fall more than 1% amid gloomy demand outlook

Copper prices declined for the second consecutive session on Wednesday, as concerns over the global economic outlook and the impact on future demand prospects dampened the appeal of the commodity.

On the Comex division of the New York Mercantile Exchange, copper for March delivery slumped 4.2 cents, or 1.62%, to trade at $2.552 a pound during European morning hours, after hitting a session low of $2.549.

A day earlier, copper shed 2.3 cents, or 0.88%, to settle at $2.594 a pound. Copper hit $2.423 on January 14, a level not seen since June 2009.

Futures were likely to find support at the $2.517, the low from January 15, and resistance at $2.636, the high from January 20.

The International Monetary Fund cut its 2015 global growth forecast on Tuesday to 3.5% from a previous estimate of 3.8%, citing slowing economies in China, Russia, the euro zone and Japan.
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