CME Copper is down to $4.12 per pound, after ending yesterday at $4.16. Overall, a 0.9% loss or 3.75 cents today.
Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 195,000. Potentially significant price fluctuations in the Copper future are expected to follow.
On the flip side, data for United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million.
While price action maintains a negative bias, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4. United States Cushing Crude Oil Inventories came out at 307,000.
Trend and momentum analysis indicates that despite drifting lower in the trading session, the short-term outlook has turned positive after the MACD moved above its signal line — typically a bullish indicator. According to asset volatility analysis, the Copper future's upper Bollinger Band® is at $4.21 which indicates a further downward move may follow.
Overall, while CME Copper has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Taking a look at other Metals commodities, negative performances are evident as Gold is down to $1,838.3, losing $7.1, after closing at $1,845.4 in the preceding trading session. Platinum is down to $956.3, losing $5.5, after closing at $961.8 in the preceding trading session. Silver is down to $20.86, losing 9.4 cents, after closing at $20.96 in the preceding trading session.
Looking ahead, ongoing depreciation may be prolonged as today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.
This year has been a bright one for the Copper future after trading as low as $3.21 and going on to appreciate by 9.57% year to date.