Copper is down to $3.88 per pound, after ending Friday at $3.89. Overall, a 0.37% loss or 1.45 cents today.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, the Copper future's lower Bollinger Band® is at $3.81, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Notwithstanding Copper's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other Metals as Platinum retreats 0.94% to trade around $1,079.8. Palladium is trading around $1,494 (down $16). After ending Friday's session at $1,999, Gold lost $5.7 and is trading around $1,993.3.
Furthermore, United States JOLTs Job Openings (Mar) is expected tomorrow at 14:00 UTC. United States ISM Manufacturing PMI (Apr) scheduled to come out today at 14:00 UTC.
CME Copper is now trading 7.57% below its 3-month high of $4.57.