Bullish Copper runs out of steam at $4.27; currently at $4.26 per pound

Published: January 25 2023, 21:51 GMT+0

Bullish Copper runs out of steam at $4.27; currently at $4.26 per pound

Currently trading at $4.26 per pound, Copper remains range-bound between $4.21 and $4.27.

Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

Meanwhile, United States 5-Year Note Auction released today 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 Gold moves up 0.63% to trade around $1,947.5.

At the same time, Platinum is down $19 from the beginning of the session and now trades around $1,047.8. Palladium closed at $1,693 (down 2.45%).

Furthermore, the market is looking at United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was 0.1%, data will be available tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States GDP will be released, with an expected decline to 2.6 from the preceding figure of 3.2. Projections for United States Initial Jobless Claims are set for a continuation of decline with 205,000 while previous data was 190,000; data will be released tomorrow at 13:30 UTC.

The commodity has been trending positively for about 2 months. Copper has managed to gain 11.55% so far this year despite trading at lows around $3.21 previously.

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