The Copper future weakened earlier in the day, before moving away from its $3.58 low and recovering back to $3.62 per pound.
Chart analysis suggests Copper pushed below the $3.66 support level and extended 4 cents beyond it. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Having stamped out a session range of $3.58 to $3.66, Fibonacci-inclined the Copper future traders were highly concentrated around active Fibonacci support at $3.63. According to asset volatility analysis, CME Copper's upper Bollinger Band® is at $3.67 which indicates a further downward move may follow.
All in all, the technical analysis suggests CME Copper has no clear-cut direction.
Though CME Copper has been dropping, other Metals have been performing better: Platinum is up 1.33%. Palladium added 1.22% to its value, now trading at $1,879. Gold is up 0.2% to $1,680.
Furthermore, United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.
8 months ago Copper reached a significant high of $4.92 but has consequently lost 25.05% since then.