Bearish run continues, Copper down to $3.71 (-0.4%)

While on a 6 day slump, falling a total of 5.36%, Similar trend today: CME Copper is down to $3.71 per pound, after ending Friday at $3.73. Overall, a 0.4% loss or 1.5 cents today.

Trend and momentum analysis indicates that 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. According to asset volatility analysis, the Copper future's lower Bollinger Band® is at $3.7, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

With market volatility ebbing, the current technical outlook indicates CME Copper will remain range-bound for the immediate future.

Some optimism can drawn from the fact that United States Retail Sales is projected to outperform its last figure with 0.7%. It previously stood at -0.6%; data will be released tomorrow at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.

The commodity has been trending lower for about a month. The Copper future has shed 8.32% over the past three months.