As the current session draws to a close, Copper remains in the $4.03 – $4.1 range after dropping 1.2%.
Copper is currently trading at $4.05 following the release of ISM Manufacturing PMI (Mar) data from the United States.
Amid the market gloom, United States ISM Manufacturing PMI (Mar) came out at 46.3, while a consensus of analysts was expecting 47.5. United States ISM Manufacturing Employment (Mar) released today at 14:00 UTC with a figure of 46.9, while the previous figure was 49.1. United States ISM Manufacturing Prices (Mar) came out at 49.2, while a consensus of analysts was expecting 51.2.
Copper made an initial break below its 21 day Simple Moving Average at $4.06, a possible indication of a forthcoming negative trend. Having stamped out a session range of $4.03 to $4.1, Fibonacci-inclined the Copper future traders were highly concentrated around active Fibonacci support at $4.07.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts the Copper future to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the CME Copper is expected to attract significant bearish sentiment in the coming days.
Taking a look at other Metals commodities, negative performances are evident as Silver closed at $24 (down 0.6%).
Positive performances can be seen by looking at other Metals markets as Gold rises 0.7% to trade around $2,000.
Furthermore, United States JOLTs Job Openings (Feb) is scheduled for tomorrow at 14:00 UTC.
The commodity has been trending lower for about a month. Having set a significant low of $3.21 8 months ago, Copper is trading 27.53% higher.