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March 05, 2023A quick look at Friday: after ending Thursday at $4.08, CME Copper went up to $4.12 only to drop back to its starting point and close at $4.07 per pound.
Copper made an initial break below its 50 day Simple Moving Average at $4.08, a possible indication of a forthcoming negative trend. Despite this, the Copper future is approaching key support, around 2 cents away from $4.05. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Copper is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Metals as Silver added 2.32% and closed around $20.9 Friday. Gold went up by 1.21% Friday, and closed at $1,862.8. Platinum is trading around $983.9 after ending Friday's session at $963.2 (up 2.15% today).
CME Copper has gained 6.97% since its lowest print of $3.21 earlier this year.
