Commodity Trading Tips for Copper by KediaCommodity

CopperCopper settled -0.01% down at 432.45 as traders remained fixated on concerns over Greece's debt woes and the fiscal outlook in the US Markets participants continued to monitor developments surrounding the looming "fiscal cliff" in the US, approximately $600 billion in automatic tax hikes and spending cuts due to come into effect on January 1. Senate Majority Leader Harry Reid spooked investors Tuesday after saying that there had been "little progress" made toward reaching a deal by the end of the year. There are fears the US economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise in the five weeks left before the January 1 deadline. Doubts over the Greek debt deal also weighed on sentiment. Greece's constitutional lenders reached an agreement Tuesday to reduce Greece's debt-reduction target by EUR40 billion to 124% of GDP by 2020. But the lack of detail on how Greece will implement reforms needed to meet its new debt targets dented investor confidence. The news prompted investors to shun riskier assets, such as stocks and commodities, and flock to traditional safe haven assets like the US dollar. In yesterday's trading session copper has touched the low of 429.05 after opening at 432.3, and finally settled at 432.45. For today's session market is looking to take support at 429.9, a break below could see a test of 427.3 and where as resistance is now likely to be seen at 434.2, a move above could see prices testing 436.

Trading Ideas:

Copper trading range for the day is 427.2-436.

Copper dropped from highs as investors shunned riskier assets on concerns about the details of Greece's new debt deal

US production of Copper increased to 292000 tonnes in the third quarter ending September 2012.

China's manufacturing sector saw expansion accelerate in November for the first time in 13 months