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March 16, 2023After closing the previous trading day at $3.84, the Copper future is up to $3.86 per pound, which makes for a move of 0.34%/1.3 cents today.
- CME Copper is currently trading at $3.86 following the release of Building Permits (Feb) data from the United States.
- In contrast to today's gains, the Copper future has been on a 5 day bearish trend during which it lost 19.85 cents of its value.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Copper has just crossed the lower Bollinger Band® at $3.89, indicating a downward correction could occur..
Overall, looking at the technical analysis landscape, it seems CME Copper is likely to reverse course and start pointing down in the short term.
Platinum moves up 0.57% to trade around $978.9. Silver gained 0.58% and is currently trading at $22. Gold moves up 0.2% to trade around $1,935.2.
CME Copper has gained 6.48% since its lowest print of $3.21 earlier this year.
