End of rally? After four days of gains, the Copper future is down 2.1 cents today

After closing at $4.16 yesterday, Copper opened today at $4.17, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Copper retains a distinct $4.13 to $4.17 daily range.

Nonetheless, encouraging indicators for CME Copper published earlier when data for United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million.

Meanwhile, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4. Fresh Cushing Crude Oil Inventories data from United States came out at 307,000.

Concerning technical analysis and more specifically, trend indicators, despite drifting lower in the trading session, the short-term outlook has turned positive after the MACD moved above its signal line — typically a bullish indicator. Asset volatility analysis shows that the Copper future's upper Bollinger Band® is at $4.21 which indicates a further downward move may follow. As the trading day commences, technical analysis suggests Copper could begin to recover as it approaches significant support, now 1 cents away from $4.13. Dipping below could be an indication that further losses are ahead.

Notwithstanding CME Copper's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Taking a look at other Metals commodities, negative performances are evident as Platinum closed at $955.6 (down 0.64%). Gold is down to $1,840.2, losing $5.2, after closing at $1,845.4 in the preceding trading session. Silver closed at $21 (down 0.5%).

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.

Furthermore, United States ISM Non-Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.

The Copper future has managed to gain 9.57% so far this year despite trading at lows around $3.21 previously.