Small gain for the Copper future at $3.9 per pound after ranging between $3.86 and $3.92 today.
Copper is currently trading at $3.9 following the release of Core PCE Price Index (MoM) (Mar) data from the United States.
Nevertheless, Pending Home Sales in United States fell short of market expectations (0.5%) with a reading of -5.2%, continuing the decline from the previous figure of 0.8%. Following a previous reading of 2.6, GDP in United States released yesterday at 12:30 UTC fell short of the two figure expected by analysts with an actual reading of 1.1.
Meanwhile, United States Core PCE Price Index (MoM) (Mar) released today at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3.
Copper made an initial breakout above its 5 day Simple Moving Average at $3.93, a potential indicator of a newly emerging bullish phase. Copper's lower Bollinger Band® is at $3.84, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Copper reversed direction at $3.92 resistance zone and retreated back 2 cents below it.
Overall, looking at the technical analysis landscape, it seems Copper likely to continue pointing upward in the short term.
While Copper is appreciating, other Metals are comparatively not doing so well — Platinum is down to $1,086.3, losing $6.9, after closing at $1,093.2 in the preceding trading session.
The Copper future is now trading 8% below its 3-month high of $4.57.