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

Published: January 26 2023, 03:00 GMT+0

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

Without a clear-cut direction, Copper is trading around $4.24 per pound and ranging between $4.24 and $4.26.

This uncertain state for the Copper future is reflected by published market data as following a previous reading of 8.41 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual reading of 533,000. 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.

Furthermore, the market is looking at United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of 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. Copper has gained 11.57% since its lowest print of $3.21 earlier this year.

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