Copper futures in New York traded modestly higher early on Tuesday, with a weak technical backdrop and concerns over slowing US economic growth limiting interest in the market, sources said.
"Copper does, however, need to start proving itself on the upside and the bulls are unlikely to get excited until copper starts breaking up through resistance levels. So the metal has a lot of work to do," said William Adams, a metals analyst with BaseMetals.com.
By 10:36 am EST (1536 GMT), copper for December delivery> edged up 0.95 cent at $3.3680 a lb. on the New York Mercantile Exchange's COMEX division, moving in a tight $3.3310-$3.3795 trading band.
"We're really not busting through any critical levels. We're still way above $3.15, which to me is a good support area ... the $3.15 to $3.1750, and we are below that $3.60-$3.65 resistance level. So we're kind of in the middle of the range," said Scott Meyers, senior trading analyst with Pioneer Futures. Spot November rose 0.95 cent to its morning peak at $3.35. Volume at 10 am was estimated at only 2,000 lots, with the market's lack of direction holding some participants at bay.
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