After dipping down to $3.72, Copper regains earlier losses and reaches $3.81 per pound.
The Copper future is currently trading at $3.81 following the release of Building Permits (Nov) data from the United States.
Meanwhile, United States Building Permits (Nov) released today at 13:30 UTC with a figure of 1.34 million, while the previous figure was 1.51 million. United States Housing Starts (Nov) came out at 1.43 million, while a consensus of analysts was expecting 1.4 million. United States Building Permits released today at 13:30 UTC with a figure of -11.2%, while the previous figure was -3.3%.
Copper reversed direction at $3.81 resistance zone and retreated back 1 cents below it. Although up today, early price action saw the Copper future dropping below its 21 day Simple Moving Average at $3.73 — an early indicator that a new downward trend could be emerging. In contrast, Fibonacci-focused traders would be interested to note that the Copper future is oscillating around the key Fibonacci resistance level of $3.81.
Overall, looking at the technical analysis landscape, it seems the Copper future is likely to reverse course and start pointing down in the short term.
Rallies can also be seen in other Metals, Silver skyrockets 4.81% to trade around $24.32. Having closed the previous session at $1,797.7, Gold is up 1.61% today to currently trade at around $1,826.7. Having closed the previous session at $987.7, Platinum is up 2.79% today to currently trade at around $1,015.3.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Consumer Confidence is projected to outperform its last figure with 101, having previously been at 100.2. The figure will be published tomorrow at 15:00 UTC.
Furthermore, the market is looking at tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -167,000 from the preceding figure of 10.23 million.
The market is looking forward to the release of new data: United States Existing Home Sales (Nov) is expected tomorrow at 15:00 UTC.
CME Copper has fallen back around 23.09% from the significant high of $4.92 set 9 months ago.