The Copper future is down to $4 per pound, after ending yesterday at $4.09. Overall, a 1.68% loss or 8.85 cents today.
United States Fed Chair Powell testimony is next today at 15:00 UTC.
Meanwhile, United States Factory Orders released yesterday at 15:00 UTC is better than expected at -1.6% but down from preceding data of 1.7% according to new data.
Copper's lower Bollinger Band® is at $3.96, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis shows that CME Copper (currently on a downtrend) might reverse course and start going up in the short term.
In the meantime, negative performances are also seen in other Metals as Platinum closed at $954.7 (down 2.94%). Silver is trading around $20.73 (down 41 cents). Gold slips 0.89% to trade around $1,838.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -308,000 from the preceding figure of 1.17 million.
Furthermore, United States ADP Nonfarm Employment Change (Feb) is scheduled for tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) will be released tomorrow at 15:00 UTC.
This year has been a bright one for the Copper future after trading as low as $3.21 and going on to appreciate by 7% year to date.