Copper has been losing ground for 5 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 $4.09, the Copper future is up to $4.12 per pound, which makes for a move of 0.68%/2.8 cents today.
United States Non Farm Payrolls data will be released today at 13:30 UTC, with an expected decline to 185,000.
This move comes while some more positive signs for Copper are out as data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 183,000, beating projections of 200,000 and showing improvement over the preceding figure of 186,000.
At the same time, United States Factory Orders released earlier showed a marked improvement to 1.8% from the preceding data of -1.9%, but fell short of the 2.3% figure forecast by a consensus of market analysts. United States Unit Labor Costs (QoQ) (Q4) came out at 1.1, while a consensus of analysts was expecting 1.5.
A look at other Metals also shows upside as Gold increases 0.54% to trade around $1,926.7. Palladium goes up 1% to trade around $1,659.
Also worthy of note, as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 185,000, following on from the preceding figure of 223,000. New data is set to be published today at 13:30 UTC. Projections for United States Unemployment Rate are set for a continuation of decline with 3.6 while previous data was 3.5; data will be released today at 13:30 UTC.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Jan) is scheduled for today at 15:00 UTC.
The commodity has been trending positively for about 2 months. CME Copper has gained 8.07% since its lowest print of $3.21 earlier this year.