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April 27, 2023
CME Copper drops from $3.86 to $3.84 per pound, losing 1.65 cents (0.43%) today.
United States's GDP new data released of 1.1 below its previous figure.
GDP in United States fell short of market expectations (two) with a reading of 1.1, continuing the decline from the previous figure of 2.6. United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -5 million, falling short of the -1.49 million projections and continuing its decline from the previous -4.58 million figure.
On the flip side, United States Initial Jobless Claims came out at 230,000, better than analyst estimates of 248,000 and improving upon the previous reading of 246,000.
Technical analysis shows that Copper could begin to recover as it approaches significant support, now 2 cents away from $3.82. Dipping below could be an indication that further losses are ahead. Trend 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. Asset volatility analysis shows that Copper's lower Bollinger Band® is at $3.84, 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 Copper will remain range-bound for the immediate future.
Though CME Copper has been dropping, other Metals have been performing better: Silver is up 1.93%. Gold is up 0.59%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%.
Furthermore, United States Core PCE Price Index (MoM) (Mar) will be released tomorrow at 12:30 UTC.
CME Copper is now trading 9.94% below its 3-month high of $4.57.
