Having gone up 33.8 cents over the past 4 days, Consistent for now — after closing the previous trading day at $4.08, the Copper future is up to $4.09 per pound, which makes for a move of 0.29%/1.2 cents today.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 14.87 million, while the previous figure was 3.30 million. United States 3-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.977, while the previous figure was 4.093.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Copper's case, the RSI has fallen below 30, indicating the asset is oversold. Asset volatility analysis shows that CME Copper's upper Bollinger Band® is at $4, this is a slight indication of a slowdown.
Overall, while the Copper future has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Rallies can also be seen in other Metals, having closed the previous session at $23.66, Silver is up 1.37% today to currently trade at around $24. Gold is up 0.53%.
Furthermore, the market is looking at United States Crude Oil Inventories expected to decline to -2.24 million while its preceding data was 1.69 million, data will be available today at 15:30 UTC.
The market is looking forward to the release of new data: United States Core Consumer Prices is expected tomorrow at 13:30 UTC. United States Consumer Price Index figure is projected at 6.5%. It previously stood at 7.1%; data will be released tomorrow at 13:30 UTC.
The commodity has been trending positively for about a month. This year has been a bright one for the Copper future after trading as low as $3.21 and going on to appreciate by 5.51% year to date.