The Copper future rallies 5.3 cents (1.36%) deep into the session, trading at $3.94 per pound.
Trend-focused traders would be interested to note that despite posting gains so far today, Copper slid below its 5 day Simple Moving Average at $3.88 in earlier trade — an early indicator that a negative trend could be emerging. Chart analysis indicates the Copper future price action is currently oscillating around the $3.9 resistance level with prices moving above and below several times during the session.
Notwithstanding the Copper future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Copper's price coincides with other Metals as having closed the previous session at $1,068.3, Platinum is up 1.15% today to currently trade at around $1,080.6. Palladium climbs 1.76% to trade around $1,513. Gold gained 0.25% and is currently trading at $2,030.
Also worthy of note, United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 16:00 UTC.
The Copper future has recovered 20.95% since descending to a significant low of $3.21 around 9 months ago.