The Copper future down 4.4 cents reaching $3.7, for its 4th straight negative day

As the current session draws to a close, Copper remains in the $3.66 – $3.73 range after dropping 1.18%.

United States's Pending Home Sales new data released of -2.7% below its previous figure.

Highly important Pending Home Sales data from United States beat analyst expectations of 0.2% with a reading of -2.7%.

On the flip side, data for United States GDP released today at 12:30 UTC is better than expected with two, but worse than previous figure of 2.6. United States Initial Jobless Claims came out at 239,000, better than analyst estimates of 266,000 and improving upon the previous reading of 265,000.

As the trading day comes to an end, chart analysis indicates Copper could begin to recover as it approaches significant support, now 2 cents away from $3.68. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action remains constrained around the key Fibonacci level of $3.69 currently serving as support. If price action breaks below, the next Fib hurdle is $3.64. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $3.69, a low enough level to, generally, suggest that CME Copper is trading below its fair value.

Overall, the technical outlook suggests the Copper future is likely to remain muted for the immediate future, with no clear-cut direction.

Taking a look at other Metals commodities, negative performances are evident as Platinum decreases 2.14% to trade around $905.1. Silver goes down 1.32% to trade around $22.78. Palladium is down $19 from the beginning of the session and now trades around $1,228.

Furthermore, United States Core PCE Price Index (MoM) (May) will be released tomorrow at 12:30 UTC.

Copper is now trading 9.23% below its 3-month high of $4.27.