The Copper future reached $3.91, breaking a 4 months record. Later, it lost 1.6 cents and is now trading at $3.89.
Meanwhile, United States Core Consumer Prices came out at 0.3%, while a consensus of analysts was expecting 0.5%. United States Consumer Price Index released yesterday at 13:30 UTC with a figure of 0.4%, while the previous figure was 0.4%. United States Consumer Price Index came out at 7.7%.
Technical chart analysis shows Copper broke through the $3.8 resistance and climbed 9 cents above it. Trend-following investors would be interested to note that investors are seeking long positions as Copper price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $3.85, thereby suggesting that the Copper future is becoming overvalued.
Overall, while Copper has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in CME Copper's price coincides with other Metals as Gold improves 0.63% to trade around $1,764.8. Palladium climbs 1.89% to trade around $2,011.5.
At the same time, Platinum is trading around $1,046.8 (down $8.2).
Approximately 8 months ago, CME Copper reached a significant high of $4.92 but has struggled to hold onto its gains and declined 23.59% since then.