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April 20, 2023
CME Copper is grinding lower from $4.08 to $4.03 per pound, shedding 4.8 cents (1.18%) today.
United States Philadelphia Fed Manufacturing Index (Apr) is next today at 12:30 UTC.
Highly important Crude Oil Inventories data from United States beat analyst expectations of -1 million with a reading of -4.58 million.
Meanwhile, United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909. United States Cushing Crude Oil Inventories came out at -1 million, while a consensus of analysts was expecting 622,000.
Technical chart analysis shows Copper could begin to recover as it approaches significant support, now 1 cents away from $4.03. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that CME Copper made an initial break below its 50 day Simple Moving Average at $4.06, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $4.05 by around 1.6315 cents with prices hammering out a $4 – $4.08 range by session close. Asset volatility analysis shows that CME Copper's lower Bollinger Band® is at $3.96, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates the Copper future will remain range-bound for the immediate future.
Taking a look at other Metals commodities, negative performances are evident as Palladium closed at $1,603 (down 0.98%).
Positive performances can be seen by looking at other Metals markets as having closed the previous session at $2,007.3, Gold is up 0.25% today to currently trade at around $2,012.4.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Initial Jobless Claims are set for a continuation of decline with 240,000 while previous data was 239,000; data will be released today at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out today at 12:30 UTC. United States Existing Home Sales (Mar) is expected today at 14:00 UTC.
CME Copper has appreciated 21.16% over the past six months.
