The Copper future is on a bit of a rollercoaster today: spiking to $3.8 only to drop back to $3.74, now rallying again to $3.76 per pound.
- United States Core PCE Price Index (MoM) (Oct) is next today at 13:30 UTC.
- Today's session seems to be pointing upwards and is building on Copper's 8 days of gains (+16.65 cents).
Earlier data releases related to CME Copper – Crude Oil Inventories in United States fell short of market expectations (-2.76 million) with a reading of -12.58 million, continuing the decline from the previous figure of -3.69 million. United States Pending Home Sales beat analyst expectations of -5% and the previous reading of -8.7% with new data of -4.6%.
Here is the technical analysis of the Copper future before its data is released:
Technical chart analysis shows Copper's nearest support level is at $3.63.
Coming up for Copper — United States Core PCE Price Index (MoM) (Oct) will be released today at 13:30 UTC. United States Non Farm Payrolls expected to decline to 200,000 while its preceding data was 261,000, data will be available tomorrow at 13:30 UTC.
As the markets get ready for more data to be released — Gold soars 2.22% to trade around $1,799. Silver added 2.89% to its value, now trading at $22.41. Palladium is up 1.61%.
Approximately 8 months ago, Copper reached a significant high of $4.92 but has struggled to hold onto its gains and declined 24% since then.