Yesterday at a glance: after ending Thursday at $3.62, Copper went up to $3.69 only to drop back, yet still traded well overall and closed at $3.63 per pound yesterday.
Copper made an initial breakout above its 21 day Simple Moving Average at $3.65, a potential indicator of a newly emerging bullish phase. On the other hand, note that although Copper is appreciating today after rising as high as $3.69, price action is now slowing and consolidating around 5 cents below the $3.67 resistance level.
Overall, looking at the technical analysis landscape, it seems the Copper future might continue pointing upwards in the short term.
This rally in CME Copper's price coincides with other Metals as Gold rises 0.48% yesterday and closed at $1,745.6.
At the same time, Palladium stumbles 2.4% yesterday and closed at $1,876. Platinum descends 0.9% yesterday and closed at $996.8.
8 months ago Copper reached a significant high of $4.92 but has consequently lost 26.44% since then.