CME Copper weakened earlier in the day, before moving away from its $3.54 low and recovering back to $3.59 per pound.
Amid the market gloom, United States CFTC Crude Oil speculative net positions released today at 19:30 UTC with a figure of 252,500, while the previous figure was 278,300. United States CFTC Gold speculative net positions came out at 116,100. United States CFTC Nasdaq 100 speculative net positions released today at 19:30 UTC with a figure of 3,000, while the previous figure was -5,300.
Copper made an initial break below its 5 day Simple Moving Average at $3.6, a possible indication of a forthcoming negative trend. CME Copper is currently flirting with an active Fibonacci support level around $3.57. Despite this, although Copper is pointing down today (was as low as $3.54), it's climbing away from the $3.6 support line and is now 3 cents above it.
Overall, looking at the technical analysis landscape, it seems the Copper future is likely to start pointing downward in the short term.
In the meantime, negative performances are also seen in other Metals as Silver is trading around $20.89 (down 54 cents). After ending Friday's session at $1,754, Gold lost $14.2 and is trading around $1,739.8.
Positive performances can be seen by looking at other Metals markets as Platinum is up 1.08%.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Consumer Confidence are set for a continuation of decline with 100 while previous data was 102.5; data will be released tomorrow at 15:00 UTC.
Approximately 8 months ago, CME Copper reached a significant high of $4.92 but has struggled to hold onto its gains and declined 26.25% since then.