Bullish CME Copper runs out of steam at $4.28; currently at $4.26 per pound

Published: January 26 2023, 06:41 GMT+0

Bullish CME Copper runs out of steam at $4.28; currently at $4.26 per pound

After closing the previous trading day at $4.24, Copper is up to $4.26 per pound, which makes for a move of 0.44%/1.85 cents today.

On the flip side, Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

Meanwhile, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

A look at other Metals also shows upside as having closed the previous session at $1,942.6, Gold is up 0.26% today to currently trade at around $1,947.6. Having closed the previous session at $1,688, Palladium is up 0.75% today to currently trade at around $1,700.5.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Also worthy of note, United States Core Durable Goods Orders projected to decline to -0.2% while previous data was 0.1%; data will be released today at 13:30 UTC.

Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Dec) scheduled to come out tomorrow at 13:30 UTC.

The commodity has been trending positively for about 2 months. The Copper future has managed to gain 11.57% so far this year despite trading at lows around $3.21 previously.

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