A quick look at yesterday: without a clear direction, Copper closed at $3.82 per pound while ranging between $3.8 and $3.85.
Uncertainty around Copper is reflected by published market data as United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 247,600, while the previous figure was 238,200. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 136,900, while the previous figure was 128,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 1,200, while the previous figure was 4,500.
Trend and momentum analysis indicates that Copper made an initial breakout above its 200 day Simple Moving Average at $3.84, a potential indicator of a newly emerging bullish phase. The Copper future is currently flirting with an active Fibonacci support level around $3.81. Analysis based on the asset volatility indicates that the Copper future's upper Bollinger Band® is at $3.89, suggesting that a downward move may follow. Technical analysis of CME Copper's past price action reveals multiple support and resistance levels: the Copper future is approaching key support, around 3 cents away from $3.79. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Overall, while Copper has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Metals as Platinum added 1.97% and closed around $1,065 yesterday. After ending yesterday's session at $1,816.4, Palladium lost $27.4 and is trading around $1,789. Gold went up by 0.22% yesterday, and closed at $1,830.
The commodity has been trending positively for about a month. The past 3 months have been positive for CME Copper as it added 10.5% compared to its 3-month low of $3.21.