Stable at $4.27 and still trending upwards, Today's session might suggest a slow down — CME Copper is now trading at $4.27 per pound after tracing out a steady $4.24 – $4.29 range today.
United States Core PCE Price Index (MoM) (Dec) is next today at 13:30 UTC.
This uncertain state for the Copper future is reflected by published market data as United States New Home Sales (Dec) released yesterday at 15:00 UTC with a figure of 616,000, while the previous figure was 602,000. Highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.2% with a reading of -0.1%. Highly important GDP data from United States beat analyst expectations of 2.6 with a reading of 2.9.
Copper made an initial break below its 5 day Simple Moving Average at $4.25, a possible indication of a forthcoming negative trend. On the other hand, note that Copper bounced after reaching the $4.25 support zone, climbing 2 cents above it.
Despite the market lacking direction, technical chart analysis strongly suggests CME Copper is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Metals as Silver is down to $23.8, losing 19.5 cents, after closing at $24 in the preceding trading session. Platinum is down to $1,018, losing $5, after closing at $1,023 in the preceding trading session.
Moreover, United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released today at 15:00 UTC. United States Core PCE Price Index (MoM) (Dec) is scheduled for today at 13:30 UTC.
The commodity has been trending positively for about 2 months. This year has been a bright one for CME Copper after trading as low as $3.21 and going on to appreciate by 12.13% year to date.