The Copper future is grinding lower from $3.47 to $3.43 per pound, shedding 3.75 cents (1.08%) today.
Copper is currently trading at $3.43 following the release of ISM Non-Manufacturing PMI (Oct) data from the United States.
On the flip side, United States Initial Jobless Claims beat analyst expectations of 220,000 and the previous reading of 218,000 with new data of 217,000.
Meanwhile, United States ISM Non-Manufacturing PMI (Oct) came out at 54.4, while a consensus of analysts was expecting 55.5. United States Interest Rate released yesterday at 18:00 UTC with a figure of four, while the previous figure was 3.25.
Despite being in the red so far in the current trading session, Copper peaked above its 3 day Simple Moving Average around $3.45 — typically an early indicator of a new bullish trend beginning to emerge. On the other hand, note that the Copper future is currently flirting with an active Fibonacci support level around $3.43.
Overall, looking at the technical analysis landscape, it seems the Copper future might start pointing upward in the short term.
In the meantime, negative performances are also seen in other Metals as Platinum dips 2.96% to trade around $922.8. Gold falls 1.19% to trade around $1,630.4. After ending yesterday's session at $1,850, Palladium lost $45 and is trading around $1,805.
Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls expected to decline to 200,000 while its preceding data was 263,000, data will be available tomorrow at 12:30 UTC. As things stand, upcoming United States Unemployment Rate data is projected to fall short of market expectations with newly published data of 3.6, following on from the preceding figure of 3.5. New data is set to be published tomorrow at 12:30 UTC.
CME Copper is now trading 29.48% below the significant high of $4.92 it set around 8 months ago.