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April 13, 2023
After dipping down to $4.05, Copper regains earlier losses and reaches $4.1 per pound.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 232,000.
CME Copper upside coincides with further encouraging market factors as highly important Crude Oil Inventories data from United States beat analyst expectations of -583,000 with a reading of 597,000.
At the same time, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 5%, while the previous figure was 6%.
Copper made an initial breakout above its 50 day Simple Moving Average at $4.08, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $4.05 to $4.11, Fibonacci-inclined Copper traders were highly concentrated around active Fibonacci resistance at $4.07. In contrast, Bollinger Band® analysis indicates that current price action is approaching the upper band at $4.12, thereby suggesting that CME Copper is becoming overvalued. Copper could be slowing down soon; it is getting close to the resistance line and is now at $4.11, only 1 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
According to technical analysis, it looks as if the Copper future likely to continue pointing upward in the short term.
This rally in the Copper future's price coincides with other Metals as having closed the previous session at $2,025, Gold is up 0.73% today to currently trade at around $2,039.6. Silver is up 0.95%. Platinum goes up 0.83% to trade around $1,036.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC.
Also worthy of note, projections for United States Core Retail Sales are set for a continuation of decline with -0.3% while previous data was -0.1%; data will be released tomorrow at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 232,000 from the preceding figure of 228,000.
Trading mostly sideways for a month. The past 6 months have been positive for the Copper future as it appreciated 18.05%, having traded as low as $3.21.
