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June 15, 2023CME Copper is on a 19 day uptrend, gaining a total of 9.33%. As the session continues, it seems to maintain one direction — after dipping down to $3.81, the Copper future regains earlier losses and goes up to $3.9 per pound.
CME Copper is currently trading at $3.9 following the release of Initial Jobless Claims data from the United States.
Uptick comes while some more positive signs for CME Copper are out as data for United States Retail Sales released today at 12:30 UTC is better than expected with 0.3%, but worse than previous figure of 0.4%.
Nevertheless, new United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000).
Meanwhile, United States Philadelphia Fed Manufacturing Index (Jun) released today at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.
Copper has just crossed its upper Bollinger Band® at $3.89, suggesting further gains could be on the cards. In contrast, Copper could be slowing down soon; it is getting close to the resistance line and is now at $3.89, only 1 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Although up today, early price action saw the Copper future dropping below its 200 day Simple Moving Average at $3.83 — an early indicator that a new downward trend could be emerging.
Overall, looking at the technical analysis landscape, it seems the Copper future likely to continue pointing upward in the short term.
A look at other Metals also shows upside as Platinum gained 1.32% and is currently trading at $997.3.
Meanwhile, Silver is down 20 cents from the beginning of the session and now trades around $23.91.
Having soared to a high of $4.27 approximately 4 months ago, Copper is now trading 9.3% lower.
