While the Copper future in the midst of a 3 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Currently trading at $4.03 per pound, Copper remains range-bound between $4 and $4.04.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action remains constrained around the key Fibonacci level of $4.03 currently serving as resistance Asset volatility analysis shows that CME Copper's lower Bollinger Band® is at $3.97, indicating that the market is oversold and fertile for new buyers. Technical analysis shows that after reaching the known resistance zone beginning at $4.02, the Copper future price action retreated approximately 1 cents.
With market volatility ebbing, the current technical outlook indicates the Copper future will remain range-bound for the immediate future.
While Copper is appreciating, other Metals are comparatively not doing so well — Platinum is down to $941.8, losing $10, after closing at $951.8 in the preceding trading session. After ending Friday's session at $22.07, Silver lost 20.5 cents and is trading around $21.87.
Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.5%. It previously stood at 0.1%; data will be released tomorrow at 13:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC.
Copper has gained 5.38% since its lowest print of $3.21 earlier this year.