An 8 day downtrend has resulted in the asset losing 33.65 cents. Today is looking a bit better: a mostly flat day so far for the Copper future, ranging between $3.59 and $3.66; currently at $3.61 per pound.
United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -3.69 million.
The Copper future's state is reflected by market data as United States Crude Oil Inventories released earlier showed a marked improvement to -3.69 million from the preceding data of -5.4 million, but fell short of the -1 million figure forecast by a consensus of market analysts. United States New Home Sales (Oct) came out at 632,000, while a consensus of analysts was expecting 570,000. United States Core Durable Goods Orders came out at 0.5%, better than analyst estimates of 0.1% and improving upon the previous reading of -0.9%.
Copper is approaching key support, around 4 cents away from $3.57. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Copper made an initial breakout above its 21 day Simple Moving Average at $3.64, a potential indicator of a newly emerging bullish phase.
Despite muted price action in the Copper future, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen in other Metals as Silver is up 1.1% to $21.28. After ending yesterday's session at $995.7, Platinum lost $5 and is trading around $990.7.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States FOMC Meeting Minutes will be released today at 19:00 UTC.
CME Copper is now trading 26.51% below the significant high of $4.92 it set around 8 months ago.