Tentatively higher from an earlier low of $3.85, CME Copper is up to $3.86 per pound today, adding 1.25 cents, or 0.32%, to yesterday's closing price of $3.85.
- United States Core Durable Goods Orders data will be released today at 12:30 UTC, with an expected decline to -0.2%.
- In contrast to today's gains, Copper has been on an 11 day bearish trend during which it lost 28.15 cents of its value.
Earlier data releases related to the Copper future – United States New Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 683,000, while the previous figure was 623,000. Following a previous reading of 104, Consumer Confidence in United States released yesterday at 14:00 UTC fell short of the 104 figure expected by analysts with an actual reading of 101.3.
Technical analysis of CME Copper before macro data is released:
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. According to asset volatility analysis, the Copper future's lower Bollinger Band® is at $3.87, indicating that the market is oversold and fertile for new buyers. Technical analysis of the Copper future's past price action reveals multiple support and resistance levels: Copper could be slowing down soon; it is getting close to the resistance line and is now at $3.94, only 8 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, the technical outlook suggests Copper is likely to remain muted for the immediate future, with no clear-cut direction.
Coming up for Copper — today at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of -0.1%. United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC.
As the markets get ready for more data to be released — having closed the previous session at $1,098.2, Platinum is up 2% today to currently trade at around $1,120.2. Palladium gained 2% and is now trading at $1,510.5. Silver climbs 0.78% to trade around $25.07.
The Copper future is now trading 9.2% below its 3-month high of $4.57.