Copper set for strong finish today; up 0.33% to $4.26 per pound

Published: January 25 2023, 22:25 GMT+0

Copper set for strong finish today; up 0.33% to $4.26 per pound

Copper posts light gains on a low-volatility day, ranging between $4.21 – $4.27 and is now at $4.26 per pound.

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

At the same time, 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. United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

This rally in the Copper future's price coincides with other Metals as Gold is up 0.61% to $1,947.3.

While CME Copper is higher so far today, these Metals commodities are underperforming: Platinum draws back 1.9% to trade around $1,046.5. After ending yesterday's session at $1,735.5, Palladium lost $46.5 and is trading around $1,689.

Also worthy of note, projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. United States GDP expected to decline to 2.6 while its preceding data was 3.2, data will be available tomorrow at 13:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 205,000, following on from the preceding figure of 190,000. New data is set to be published tomorrow at 13:30 UTC.

The commodity has been trending positively for about 2 months. CME Copper has gained 11.55% since its lowest print of $3.21 earlier this year.