The Copper future is consolidating around the $4.15 per pound level after dropping 6.75 cents at the start of the trading session.
With regards to technical trend indicators, chart analysis show that investors are seeking long positions as Copper price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that the Relative Strength Index indicates CME Copper is currently 'overbought' which suggests new gains will be harder to obtain. Analysis based on the asset volatility indicates that Copper's upper Bollinger Band® is at $4.22 which indicates a further downward move may follow. As the trading day commences, technical analysis suggests CME Copper could begin to recover as it approaches significant support, now 2 cents away from $4.13. Dipping below could be an indication that further losses are ahead.
Notwithstanding the Copper future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other Metals as Palladium is down to $1,761.5, losing $25.8, after closing at $1,787.3 in the preceding trading session.
Positive performances can be seen by looking at other Metals markets as Platinum goes up 0.78% to trade around $1,072.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 13:30 UTC data for United States Producer Price Index will be released, with an expected decline to -0.1% from the preceding figure of 0.3%. United States Core Retail Sales expected to decline to -0.4% while its preceding data was -0.2%, data will be available tomorrow at 13:30 UTC. United States Retail Sales projected to decline to -0.8% while previous data was -0.6%; data will be released tomorrow at 13:30 UTC.
The commodity has been trending positively for about a month. CME Copper has managed to gain 10.54% so far this year despite trading at lows around $3.21 previously.