The Copper future has been losing ground for 3 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $4.06, Copper is up to $4.07 per pound, which makes for a move of 0.16%/0.65 cents today.
United States Core PCE Price Index (MoM) (Jan) is next today at 13:30 UTC.
The Copper future upside coincides with further encouraging market factors as highly important Crude Oil Inventories data from United States beat analyst expectations of 2 million with a reading of 7.65 million. Data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 192,000, beating projections of 200,000 and showing improvement over the preceding figure of 195,000.
On the flip side, United States GDP published yesterday at 13:30 UTC came out at 2.7, falling short of the 2.9 projections and continuing its decline from the previous 3.2 figure.
Copper's lower Bollinger Band® is at $4, indicating that the market is oversold and fertile for new buyers.
Examining the technical analysis landscape, Copper might continue its downtrend in the short term.
This rally in Copper's price coincides with other Metals as Gold is up 0.31% to $1,832.4. Having closed the previous session at $945.5, Platinum is up 0.47% today to currently trade at around $949.9.
Also worthy of note, United States Core PCE Price Index (MoM) (Jan) is expected today at 13:30 UTC. United States New Home Sales (Jan) is scheduled for today at 15:00 UTC.
CME Copper now trading 13.44% above its 3-month low of $3.21.