While in the midst of a 3 day downtrend Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $3.38, CME Copper is up to $3.44 per pound, which makes for a move of 2.04%/6.9 cents today.
United States ISM Manufacturing PMI (Oct) is next today at 14:00 UTC.
Meanwhile, United States OPEC Crude Oil Production Algeria (Barrel) released yesterday at 15:00 UTC with a figure of 1 million, while the previous figure was 1 million. United States OPEC Crude Oil Production Congo (Barrel) came out at 270,000. United States OPEC Crude Oil Production Gabon (Barrel) came out at 200,000.
Rallies can also be seen in other Metals, Silver rallies 2.52% to trade around $19.6. Platinum goes up 1.28% to trade around $942.
Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at 267,000 — worse than previous data of 2.59 million; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Interest Rate is expected tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Oct) will be released tomorrow at 12:15 UTC.
7 months ago Copper reached a significant high of $4.92 but has consequently lost 31.38% since then.