CME Copper is grinding lower from $4.11 to $4.07 per pound, shedding 3.5 cents (0.85%) today.
Amid the market gloom, United States NY Empire State Manufacturing Index (Apr) released today at 12:30 UTC with a figure of 10.8, while the previous figure was -24.6.
Copper made an initial break below its 50 day Simple Moving Average at $4.07, a possible indication of a forthcoming negative trend. CME Copper is currently flirting with an active Fibonacci support level around $4.1. CME Copper's upper Bollinger Band® is at $4.14 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts CME Copper to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Copper is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other Metals as Silver closed at $25.07 (down 1.53%). Gold closed at $2,000.5 (down 0.76%).
Positive performances can be seen by looking at other Metals markets as having closed the previous session at $1,496.3, Palladium is up 4.19% today to currently trade at around $1,559.
Furthermore, United States Building Permits (Mar) scheduled to come out tomorrow at 12:30 UTC.
CME Copper has appreciated 18.94% over the past six months.