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June 22, 2023Trading lower, the Copper future is currently down 2.35 cents as it ranges between $3.88 and $3.97 so far today.
- United States's Crude Oil Inventories new data released of -3.83 million below its previous figure.
- $3.97 is CME Copper's highest rate in 6 weeks.
- Today's fall comes after a 25 day uptrend, during which Copper added 9.15% to its value
United States Crude Oil Inventories published today at 15:00 UTC came out at -3.83 million, falling short of the 1.87 million projections and continuing its decline from the previous 7.92 million figure. United States Existing Home Sales (May) released today at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million.
Copper made an initial break below its 5 day Simple Moving Average at $3.88, a possible indication of a forthcoming negative trend. The Copper future's upper Bollinger Band® is at $3.94 which indicates a further downward move may follow. In contrast, CME Copper could begin to recover as it approaches significant support, now 4 cents away from $3.85. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for the Copper future.
United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released tomorrow at 13:45 UTC.
Palladium falls 4.82% to trade around $1,279.5. Platinum falls 2.43% to trade around $929.7. Gold closed at $1,925.3 (down 1%).
Over the past 4 months, CME Copper has retreated 8.28% from a noteworthy peak of $4.27.
