CME Copper recovering almost all the way back to $4.09 today, after dipping down to $4.03.
United States's Crude Oil Inventories new data released of -4.58 million below its previous figure.
Crude Oil Inventories in United States fell short of market expectations (-1 million) with a reading of -4.58 million, continuing the decline from the previous figure of 597,000.
Amid the market gloom, United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States 20-Year Bond Auction released today at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909.
Copper made an initial break below its 50 day Simple Moving Average at $4.06, a possible indication of a forthcoming negative trend. Having stamped out a session range of $4.03 to $4.09, Fibonacci-inclined Copper traders were highly concentrated around active Fibonacci support at $4.07. CME Copper's upper Bollinger Band® is at $4.15 which indicates a further downward move may follow. On the other hand, note that Copper could begin to recover as it approaches significant support, now 1 cents away from $4.06. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts the Copper future to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the CME Copper is expected to attract significant bearish sentiment in the coming days.
Taking a look at other Metals commodities, negative performances are evident as Gold closed at $2,007.4 (down 0.61%). Palladium closed at $1,618.5 (down 1.49%).
Though Copper has been dropping, other Metals have been performing better: Platinum is up 0.57% to $1,103.5.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 240,000 from the preceding figure of 239,000.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) is expected tomorrow at 14:00 UTC.
The past 6 months have been positive for Copper as it appreciated 20.06%, having traded as low as $3.21.
