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

Published: January 25 2023, 22:16 GMT+0

The Copper future set for strong finish today; up 0.33% to $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. 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.

Rallies can also be seen in other Metals, Gold is up 0.61% to $1,947.3.

While Copper is higher so far today, these Metals commodities are underperforming: after ending yesterday's session at $1,066.8, Platinum lost $20.3 and is trading around $1,046.5. Palladium closed at $1,689 (down 2.68%).

Also worthy of note, United States Core Durable Goods Orders projected to decline to -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. United States GDP projected to come out at 2.6 — worse than previous data of 3.2; data will be released 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. The Copper future has managed to gain 11.55% so far this year despite trading at lows around $3.21 previously.

Back