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June 01, 2023
Copper has rallied 8.4 cents, or 2.31%, to now stand at $3.72 per pound.
New United States Crude Oil Inventories improved upon the previous -12.46 million figure while also exceeding analyst expectations with a reading of 4.49 million.
This move comes while some more positive signs for CME Copper are out as data for United States Crude Oil Inventories published today at 15:00 UTC came out at 4.49 million, beating projections of -1.10 million and showing improvement over the preceding figure of -12.46 million. United States Initial Jobless Claims released today at 12:30 UTC is better than expected at 232,000 but down from preceding data of 230,000 according to new data.
Meanwhile, United States ISM Manufacturing PMI (May) came out at 46.9, while a consensus of analysts was expecting 47.
Support/Resistance levels obtained from chart analysis indicate that Copper could be slowing down soon as it approaches resistance at $3.68. Of course, crossing it might suggest further gains are ahead. Trend and momentum analysis indicates that CME Copper made an initial breakout above its 21 day Simple Moving Average at $3.71, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that CME Copper's upper Bollinger Band® is at $3.81, this is a slight indication of a slowdown.
Overall, while Copper has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in the Copper future's price coincides with other Metals as Palladium gained 3.7% and is currently trading at $1,390.5. Silver rises 1.79% to trade around $24. Having closed the previous session at $1,982, Gold is up 0.89% today to currently trade at around $1,999.8.
Furthermore, the market is looking at United States Non Farm Payrolls expected to decline to 180,000 while its preceding data was 253,000, data will be available tomorrow at 12:30 UTC. Projections for United States Average Hourly Earnings are set for a continuation of decline with 0.4% while previous data was 0.5%; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.5 from the preceding figure of 3.4.
The commodity has been trending lower for about a month. CME Copper has shed 11% over the past three months.
