CME Copper trades at $3.86 per pound, after ending yesterday at $3.86.
United States Initial Jobless Claims is next.
The Copper future's state is reflected by market data as United States Crude Oil Inventories released earlier showed a marked improvement to -5.19 million from the preceding data of -12.58 million, but fell short of the -3.31 million figure forecast by a consensus of market analysts. United States Cushing Crude Oil Inventories came out at -373,000, while a consensus of analysts was expecting -841,000. United States Unit Labor Costs (QoQ) (Q3) released yesterday at 13:30 UTC with a figure of 2.4, while the previous figure was 3.5.
Copper's upper Bollinger Band® is at $3.95, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests Copper is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Metals as having closed the previous session at $1,011.5, Platinum is up 0.57% today to currently trade at around $1,017.3.
Furthermore, the market is looking at today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 230,000 from the preceding figure of 225,000. United States Producer Price Index is expected tomorrow at 13:30 UTC.
CME Copper has recovered 20.25% since descending to a significant low of $3.21 around 4 months ago.