Copper tumbled to six year low

Copper prices slid to the lowest levels in last six year yesterday, as the possibility of rate hike in US along with slower economy growth especially in China. LME copper three month forward slumped 2.42% to $4,823.50 per MT yesterday amid comments from FED members for rate hike in the next meeting in December. Also, strength in the US dollar is making additional pressure in copper prices.Metal traders continued to worry over demand prospects in China. Imports of copper and copper related products fell 4.2%, to 3.82 million MT yoy basis, for the first 10 months of 2015. China\\`s industrial production growth, factories output, workshops and mines, fell to a six-month low in October, indicating weakness in world largest consumer of metals.Technically speaking, LME copper broke the major support and it is likely to decline towards next support of 4750 and further to 4680 levels. MACD and moving averages are also indicating down trend. As of now, the short term resistance is between 4950-5020 levels.