Mixed sentiment sees CME Copper ending the day broadly flat; establishes tight $4.24 to $4.26 range

Published: January 26 2023, 03:41 GMT+0

Mixed sentiment sees CME Copper ending the day broadly flat; establishes tight $4.24 to $4.26 range

Copper trades at $4.24 per pound, after ending yesterday at $4.24.

Uncertainty around Copper is reflected by published market data as 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. 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. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

Meanwhile, mixed performances are seen in other Metals as Gold added 0.21% to its value, now trading at $1,946.7.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as 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 today at 13:30 UTC. 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. United States Core PCE Price Index (MoM) (Dec) is scheduled for tomorrow at 13:30 UTC.

The commodity has been trending positively for about 2 months. This year has been a bright one for Copper after trading as low as $3.21 and going on to appreciate by 11.57% year to date.

Back