CME Copper is on a 10 day uptrend, gaining a total of 8.05%. Consistent for now — after closing the previous trading day at $3.85, Copper is up to $3.86 per pound, which makes for a move of 0.22%/0.85 cents today.
United States ISM Non-Manufacturing PMI (Nov) is next today at 15:00 UTC.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $3.94, thereby suggesting that the Copper future is becoming overvalued.
Overall, while CME Copper has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in the Copper future's price coincides with other Metals as having closed the previous session at $1,901, Palladium is up 1.02% today to currently trade at around $1,920.5.
The market is looking forward to the release of new data: United States ISM Non-Manufacturing PMI (Nov) will be released today at 15:00 UTC. United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.
After hitting an important low of $3.21 approximately 4 months ago, CME Copper has bounced back 19.93% since.