Yesterday at a glance: CME Copper slid down from $4.03 to $4 per pound, taking a 2.55 cents loss (1.02%)
Meanwhile, United States Services PMI released yesterday at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 189,900, while the previous figure was 192,700.
Bollinger Bands® shows an indication of recovery: the lower band is at $3.95, a low enough level to, generally, suggest that Copper is trading below its fair value. Although Copper is pointing down today (was as low as $3.97), it's climbing away from the $3.96 support line and is now 2 cents above it.
Technical analysis indicates that CME Copper (currently on a downtrend) might reverse course and start pointing upward in the short term.
CME Copper's value drop coincided with the fact that Gold is down to $1,994, losing $25, after ending the previous session around $2,019. After ending yesterday's session at $25.37, Silver lost 21.8 cents and is trading around $25.16.
Positive performances can be seen by looking at other Metals markets as Platinum went up by 3.04% yesterday, and closed at $1,141.3.
The Copper future hit a significant low of $3.21 around 9 months ago, but has since recovered 25.39%.