The Copper future slides down from $3.82 to $3.75 per pound today, losing 6.8 cents (1.78%).
United States's Crude Oil Inventories new data released of -5.4 million below its previous figure.
Crude Oil Inventories in United States fell short of market expectations (-440,000) with a reading of -5.4 million, continuing the decline from the previous figure of 3.92 million.
On the flip side, highly important Core Retail Sales data from United States beat analyst expectations of 0.4% with a reading of 1.3%. Data for United States Retail Sales published today at 13:30 UTC came out at 1.3%, beating projections of 1% and showing improvement over the preceding figure of 0%.
Copper made an initial break below its 5 day Simple Moving Average at $3.81, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $3.75 currently serving as support. If price action breaks below, the next Fib hurdle is $3.71.
In the short term, CME Copper is expected to maintain its recent downtrend and continue spiralling lower.
Taking a look at other Metals commodities, negative performances are evident as Platinum closed at $1,015 (down 0.72%).
Furthermore, United States Philadelphia Fed Manufacturing Index (Nov) is scheduled for tomorrow at 13:30 UTC. United States Building Permits (Oct) scheduled to come out tomorrow at 13:30 UTC. United States Initial Jobless Claims figure is projected at 225,000. It previously stood at 225,000; data will be released tomorrow at 13:30 UTC.
After hitting an important low of $3.21 approximately 4 months ago, CME Copper has bounced back 19% since.