Yesterday at a glance: the Copper future rallied 6.85 cents (2%) deep into the session, closing at $3.48 per pound.
Meanwhile, United States CFTC Gold speculative net positions released yesterday at 19:30 UTC with a figure of 77,000, while the previous figure was 94,400. United States CFTC Nasdaq 100 speculative net positions came out at 1,500. United States CFTC Crude Oil speculative net positions released yesterday at 19:30 UTC with a figure of 251,500, while the previous figure was 259,200.
Technical analysis of CME Copper's past price action reveals multiple support and resistance levels: Copper is 7 cents away from testing key resistance at $3.54. Peaking above this level could inspire market bulls and open the path to further gains. Concerning technical analysis and more specifically, trend indicators, the Copper future made an initial breakout above its 21 day Simple Moving Average at $3.43, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $3.43 currently serving as resistance Asset volatility analysis shows that the Copper future's upper Bollinger Band® is at $3.55, this is a slight indication of a slowdown.
Overall, while Copper has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other Metals also shows upside as Silver added 3.8% and closed around $18.69 yesterday. Gold is trading around $1,662.5 after ending yesterday's session at $1,636.8 (up 1.57% today). Platinum went up by 2.06% yesterday, and closed at $949.3.
7 months ago CME Copper reached a significant high of $4.92 but has consequently lost 30.66% since then.