The Copper future is down to $3.91 per pound, after ending yesterday at $4. Overall, a 2.45% loss or 9.5 cents today.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected improvement to 555,000. the Copper future reaction to indicator information will follow.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Copper's lower Bollinger Band® is at $3.9, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates the Copper future will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other Metals as Platinum is down to $967.3, losing $34, after closing at $1,001.3 in the preceding trading session. Palladium dips 3.8% to trade around $1,460.
Though CME Copper has been dropping, other Metals have been performing better: Gold gained 1.18% and is now trading at $1,933.4.
In addition, United States Initial Jobless Claims is projected to outperform its last figure with 205,000. It previously stood at 211,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Mar) will be released tomorrow at 12:30 UTC. United States Building Permits (Feb) scheduled to come out tomorrow at 12:30 UTC.
CME Copper has recovered 24.68% since descending to a significant low of $3.21 around 8 months ago.