CME Copper trades at $3.66 per pound after gaining 5.85 cents (1.62%).
Copper is currently trading at $3.66 following the release of EIA Short-Term Energy Outlook data from the United States.
Meanwhile, United States 3-Year Note Auction released today at 18:00 UTC with a figure of 4.605, while the previous figure was 4.318.
Despite posting gains so far today, Copper slid below its 3 day Simple Moving Average at $3.56 in earlier trade — an early indicator that a negative trend could be emerging. The Copper future’s upper Bollinger Band® is at $3.69, this is a slight indication of a slowdown. In contrast, the Copper future broke through the $3.66 resistance, climbing 3 cents above it. Price action overcame a known Fibonacci resistance level at $3.63 by around 3.65 cents with prices hammering out a $3.56 – $3.7 session range.
Technical analysis suggests there could be an imminent reversal for the Copper future.
Rallies can also be seen in other Metals, having closed the previous session at $1,680.5, Gold is up 2.12% today to currently trade at around $1,716.2. Silver gained 2.49% and is currently trading at $21.44. Platinum goes up 1.78% to trade around $1,007.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with 1.1 million, having previously been at -3.12 million. The figure will be published tomorrow at 15:30 UTC.
The Copper future reached a significant high of $4.92 around 8 months ago but has lost 26.74% since then.