Tentatively higher from an earlier low of $4.1, the Copper future is up to $4.18 per pound today, adding 7.4 cents, or 1.8%, to Friday's closing price of $4.11.
Copper broke through the $4.13 resistance, climbing 5 cents above it. The Copper future made an initial breakout above its 21 day Simple Moving Average at $4.12, a potential indicator of a newly emerging bullish phase. Despite this, Bollinger Band® analysis indicates that current price action is approaching the upper band at $4.25, thereby suggesting that Copper is becoming overvalued.
Overall, looking at the technical analysis landscape, it seems Copper likely to continue pointing upward in the short term.
This rally in the Copper future's price coincides with other Metals as having closed the previous session at $1,840.4, Gold is up 0.67% today to currently trade at around $1,852.7. Palladium is up 1.24%. Platinum is up 0.73% to $928.1.
Furthermore, the market is looking at United States Existing Home Sales (Jan) is expected tomorrow at 15:00 UTC.
Copper has managed to gain 8.2% so far this year despite trading at lows around $3.21 previously.