Copper goes up to $3.91 per pound after dipping down to $3.8 earlier.
Copper is currently trading at $3.91 following the release of Consumer Price Index data from the United States.
Meanwhile, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.3%. United States Core Consumer Prices released today at 13:30 UTC with a figure of 0.2%, while the previous figure was 0.3%. United States Consumer Price Index came out at 7.1%, while a consensus of analysts was expecting 7.3%.
Copper broke through the $3.83 resistance and climbed above it 7 cents; next resistance level is at $3.87. CME Copper made an initial breakout above its 200 day Simple Moving Average at $3.9, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $3.86 by around 4.6062 cents with prices hammering out a $3.8 – $3.93 session range. Despite this, Copper's upper Bollinger Band® is at $3.95, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems CME Copper likely to continue pointing upward in the short term.
Rallies can also be seen in other Metals, Gold added 2.03% to its value, now trading at $1,828.7. Platinum jumps 4.17% to trade around $1,050. Silver rallies 3.11% to trade around $24.13.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -3.91 million. It previously stood at -5.19 million; data will be released tomorrow at 15:30 UTC.
The market is looking forward to the release of new data: United States Interest Rate is expected tomorrow at 19:00 UTC. United States FOMC Economic Projections is expected tomorrow at 19:00 UTC.
9 months ago CME Copper reached a significant high of $4.92 but has consequently lost 22.73% since then.