CME Copper is grinding lower from $3.47 to $3.44 per pound, shedding 3.3 cents (0.95%) today.
Amid the market gloom, United States Services PMI released today at 13:45 UTC with a figure of 46.6, while the previous figure was 49.3. United States Composite PMI came out at 47.3, while a consensus of analysts was expecting 49.3. Fresh Manufacturing PMI data from United States came out at 49.9.
Copper made an initial break below its 21 day Simple Moving Average at $3.44, a possible indication of a forthcoming negative trend. Copper is currently flirting with an active Fibonacci support level around $3.47. In contrast, CME Copper could begin to recover as it approaches significant support, now 7 cents away from $3.44. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Copper is likely to start pointing downward in the short term.
In the meantime, negative performances are also seen in other Metals as Platinum is down to $932.8, losing $21.8, after closing at $954.6 in the preceding trading session.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 106.5 from the preceding figure of 108.
Approximately 7 months ago, Copper reached a significant high of $4.92 but has struggled to hold onto its gains and declined 29.36% since then.