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May 18, 2023Copper drops from $3.75 to $3.68 per pound, losing 7.1 cents (1.89%) today.
United States Existing Home Sales (Apr) is next today at 14:00 UTC.
On the flip side, United States Initial Jobless Claims came out at 242,000, better than analyst estimates of 254,000 and improving upon the previous reading of 264,000. Data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 5 million, beating projections of -920,000 and showing improvement over the preceding figure of 2.95 million.
While price action maintains a negative bias, United States Philadelphia Fed Manufacturing Index (May) released today at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3.
Copper made an initial break below its 5 day Simple Moving Average at $3.72, a possible indication of a forthcoming negative trend. On the other hand, note that Bollinger Bands® shows an indication of recovery: the lower band is at $3.65, a low enough level to, generally, suggest that CME Copper is trading below its fair value. The Copper future could begin to recover as it approaches significant support, now 1 cents away from $3.68. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Copper.
Taking a look at other Metals commodities, negative performances are evident as after ending yesterday's session at $1,985, Gold lost $24.4 and is trading around $1,960.6. Silver closed at $23.58 (down 1.33%). Platinum closed at $1,071.5 (down 1.03%).
Furthermore, United States Existing Home Sales (Apr) is scheduled for today at 14:00 UTC. United States Fed Chair Powell speech is expected tomorrow at 15:00 UTC.
The commodity has been trending lower for about a month. Copper is now trading 9.13% below its 3-month high of $4.57.
