(VIANEWS) – Copper price remains pressured around the intraday low, keeping the week-start pullback from a 2.5-month high, as China-inspired fears join downbeat smelting data for the industrial metal.
As reported by FXStreet, the red metal drops 1.5% on the COMEX while printing the $3.68 mark whereas a three-month contract of the Copper on the London Metal Exchange (LME) fell 1.7% to $7,961.50 a tonne by 03:06 GMT per Reuters.
Weekend updates from China’s National Health Commission (NHC) suggested no change in the dragon nation’s zero covid policy, which in turn poured cold water on the face of Friday’s hopes that Beijing may ease its strict covid rules. On the same line were the recently higher virus numbers from the Asian major.
Copper (HG) has been up by 3.74% for the last 5 sessions. At 13:50 EST on Monday, 7 November, Copper (HG) is $3.60.
Copper bears cheer China-linked fears, fall in global smelting
Reuters reports that the COMEX red metal dropped 1.5% while printing $3.68, while a 3-month Copper contract on the London Metal Exchange, (LME), fell 1.7% to $7.961.50 per tonne at 03:06 GMT.
Today’s last reported volume for Copper is 92369, 99.99% below its average volume of 16834808556.65.
Copper’s last week, last month’s, and last quarter’s current intraday variation average was a positive 1.00%, a negative 0.88%, and a positive 1.62%, respectively.
Copper’s highest amplitude of average volatility was 3.40% (last week), 2.07% (last month), and 1.62% (last quarter), respectively.
Commodity Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Copper’s commodity is considered to be oversold (<=20).
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