A 6 day downtrend has resulted in the asset losing 8.9 cents. A slight improvement can be seen from Thursday's session: CME Copper slid down from $4 to $4 per pound, taking a 0 cents loss (0.11%)
This uncertain state for Copper is reflected by published market data as highly important Unemployment Rate data from United States beat analyst expectations of 3.6 with a reading of 3.5. Non Farm Payrolls in United States fell short of market expectations (239,000) with a reading of 236,000, continuing the decline from the previous figure of 326,000. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.
Copper reversed direction at $3.98 support zone and climbed 3 cents above it. The Copper future made an initial breakout above its 3 day Simple Moving Average at $4.04, a potential indicator of a newly emerging bullish phase. Copper's upper Bollinger Band® is at $4.14 and the lower is $3.95.
Despite muted price action in CME Copper, chart analysis indicates it is positioned for a bullish run in the short term.
The commodity has been trending lower for about a month. The past 6 months have been positive for CME Copper as it appreciated 17.57%, having traded as low as $3.21.