Copper went up to $3.91 only to drop back to some of the way and is now trading at $3.87 per pound.
- United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 240,000.
- In contrast to today's gains, Copper has been on a 3 day bearish trend during which it lost 9.45 cents of its value.
Earlier data releases related to the Copper future – United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25. Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.1 million with a reading of -1.28 million.
Technical analysis of Copper before macro data is released:
Copper made an initial breakout above its 10 day Simple Moving Average at $3.91, a potential indicator of a newly emerging bullish phase. CME Copper's lower Bollinger Band® is at $3.77, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Copper reversed direction at $3.87 resistance zone and retreated back 1 cents below it.
Examining the technical analysis landscape, the Copper future might continue its downtrend in the short term.
Coming up for Copper — tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 236,000. Projections for United States Initial Jobless Claims are set for a continuation of decline with 240,000 while previous data was 230,000; data will be released today at 12:30 UTC.
As the markets get ready for more data to be released — having closed the previous session at $2,037, Gold is up 0.62% today to currently trade at around $2,049.6. Silver is up 0.74% to $25.87. After ending yesterday's session at $1,061.8, Platinum lost $4.8 and is trading around $1,057.
CME Copper is now trading 5.21% below its 3-month high of $4.57.