Copper futures extended their losses in New York as worse-than-expected U.S. retail sales data dampened hopes about a swift economic recovery. Copper for July delivery fell 6.6 cents, or 3.2%, to USD 2.02 a pound on the Comex division of the New York Mercantile Exchange. Copper prices slid to a two-week low on Wednesday, as equities markets tumbled more than 2 %.
Copper also eased because of selling from investors concerned about the latest signs of a possible slowdown in buying from China, the world's top consumer of the metal. The metal for three-month delivery on the London Metal Exchange fell to USD 4,433 a ton, the lowest since April 30.
Today’s Outlook
Copper has broken the important support of $4500 and the next support is seen around $4200. For day traders, Selling on pullback is the recommended strategy.
