CME Copper weakened earlier in the day, before moving away from its $3.96 low and recovering back to $4 per pound.
Despite being in the red so far in the current trading session, Copper peaked above its 5 day Simple Moving Average around $4.02 — typically an early indicator of a new bullish trend beginning to emerge. The Copper future's lower Bollinger Band® is at $3.95, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis shows that Copper (currently on a downtrend) might reverse course and start going up in the short term.
Taking a look at other Metals commodities, negative performances are evident as Gold withdraws 0.98% to trade around $2,006.6. Palladium withdraws 3.41% to trade around $1,412.5. Platinum retreats 1.31% to trade around $1,003.5.
Furthermore, United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 16:00 UTC.
The commodity has been trending lower for about a month. Copper has appreciated 16.41% over the past six months.