Tough start for CME Copper this morning following 0.71% decline; now at $3.71 per pound

Copper is down to $3.71 per pound, after ending Friday at $3.73. Overall, a 0.71% loss or 2.65 cents today.

Copper's lower Bollinger Band® is at $3.62, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Technical analysis indicates that the Copper future (currently on a downtrend) might reverse course and start pointing upward in the short term.

Taking a look at other Metals commodities, negative performances are evident as Silver retreats 0.67% to trade around $23.9. After ending Friday's session at $1,075.7, Platinum lost $4.7 and is trading around $1,071.

Furthermore, United States New Home Sales (Apr) is expected tomorrow at 14:00 UTC. United States Services PMI is expected tomorrow at 13:45 UTC. United States Building Permits scheduled to come out tomorrow at 12:00 UTC.

The commodity has been trending lower for about a month. CME Copper has shed 10.94% over the past three months.