Tentatively higher from an earlier low of $3.78, the Copper future is up to $3.83 per pound today, adding 3.1 cents, or 0.82%, to yesterday's closing price of $3.79.
United States EIA Short-Term Energy Outlook is next today at 17:00 UTC.
At the same time, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Trade Balance (Oct) released today at 13:30 UTC with a figure of -78.2 billion, while the previous figure was -74.1 billion. United States Exports data released today at 13:30 UTC showed continuing decline to 256.6 billion from a previous figure of 258.5 billion.
Fibonacci-focused traders would be interested to note that Copper is oscillating around the key Fibonacci resistance level of $3.81. CME Copper's notable support and resistance levels: the Copper future could be slowing down soon; it is getting close to the resistance line and is now at $3.85, only 2 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Rallies can also be seen in other Metals, Gold is up 0.51%. Having closed the previous session at $22.42, Silver is up 0.79% today to currently trade at around $22.59.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million, having previously been at -12.58 million. The figure will be published tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook is expected today at 17:00 UTC.
The Copper future is now trading 22.84% below the significant high of $4.92 it set around 9 months ago.