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Trading Signals

Is the bullish run coming to an end? Copper down to $4.07 (-0.17%)

13 April 2023

HGUSD

During a 7 day uptrend, the Copper future gained a total of 10.9 cents, or 2.57%. Now turning against its recent performance, Copper weakened earlier in the day, before moving away from its $4.07 low and recovering back to $4.07 per pound.

Nonetheless, encouraging indicators for CME Copper published earlier when United States Crude Oil Inventories beat analyst expectations of -583,000 and the previous reading of -3.74 million with new data of 597,000.

Amid the market gloom, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 5%, while the previous figure was 6%.

Copper's upper Bollinger Band® is at $4.11 which indicates a further downward move may follow. Despite this, Copper could begin to recover as it approaches significant support, now 7 cents away from $4. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts CME Copper to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the CME Copper is expected to attract significant bearish sentiment in the coming days.

Though Copper has been dropping, other Metals have been performing better: Gold is up 0.33% to $2,031.6. Having closed the previous session at $25.46, Silver is up 0.64% today to currently trade at around $25.62.

Looking ahead, ongoing depreciation may be prolonged as United States Core Retail Sales expected to decline to -0.3% while its preceding data was -0.1%, data will be available tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to come out at 232,000 — worse than previous data of 228,000; data will be released today at 12:30 UTC.

In addition, United States Producer Price Index is projected to outperform its last figure with 0.1%, having previously been at -0.1%. The figure will be published today at 12:30 UTC.

Trading mostly sideways for a month. CME Copper has appreciated 18.05% over the past six months.

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