Mixed sentiment sees Copper ending the day broadly flat; establishes tight $4.24 to $4.28 range

Published: January 26 2023, 07:15 GMT+0

Mixed sentiment sees Copper ending the day broadly flat; establishes tight $4.24 to $4.28 range

Copper trades at $4.25 per pound, after ending yesterday at $4.24.

Uncertainty around the Copper future is reflected by published market data as United States Crude Oil Inventories published yesterday at 15:30 UTC came out at 533,000, falling short of the 971,000 projections and continuing its decline from the previous 8.41 million figure. 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 after ending yesterday's session at $23.94, Silver lost 12.1 cents and is trading around $23.82. Palladium moves up 0.72% to trade around $1,700.

Moreover, today at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%. 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) scheduled to come out tomorrow at 13:30 UTC.

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

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