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Scrap #1 Copper 96-98% Idx (CUPAUSY2.CM)

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Scrap #1 Copper 96-98% Idx Futures Market News and Commentary

Dollar Gains on Higher T-Note Yields

The dollar index (DXY00) on Thursday rose +0.212 (+0.23%).  EUR/USD (^EURUSD) fell -0.0028 (-0.24%).  USD/JPY (^USDJPY) fell -0.34 (-0.30%).  The dollar index on Thursday rose moderately on a jump in T-note yields after the 10-year T-note yield rose to a 5-month high of 1.682%. The dollar extended its gains Thursday on hawkish comments from Fed Governor Waller. 

EUR/USD (^EURUSD) on Thursday posted moderate losses due to strength in the dollar.  Divergent central bank policies also weighed on EUR/USD, with the Fed expected to taper QE well before the ECB.

USD/JPY (^USDJPY) on Thursday posted moderate losses.  The yen strengthened Thursday on increased safe-haven demand after the Nikkei Stock Index fell -1.67%.  The yen also found support Thursday on a report from Kyodo News that said Tokyo is set to roll back pandemic restrictions starting this Monday.

Thursday’s U.S economic data was mixed for the dollar.  On the positive side, U.S. weekly initial unemployment cla... Read more

Price Performance

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Period Period Low Period High Performance
1-Month
3.2901 +5.81%
on 09/22/21
3.5023 -0.60%
on 10/20/21
+0.2121 (+6.49%)
since 09/21/21
3-Month
3.0959 +12.45%
on 08/19/21
3.5023 -0.60%
on 10/20/21
+0.2188 (+6.71%)
since 07/21/21
52-Week
2.3232 +49.85%
on 11/13/20
3.5023 -0.60%
on 10/20/21
+1.0943 (+45.84%)
since 10/21/20

Benchmark National Price Indexes

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 100% Buy with a Average short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

The market is in highly overbought territory. Beware of a trend reversal.

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Key Turning Points

3rd Resistance Point 3.4813
2nd Resistance Point 3.4813
1st Resistance Point 3.4813
Last Price 3.4813
1st Support Level 3.4813
2nd Support Level 3.4813
3rd Support Level 3.4813

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52-Week High 3.5023
Last Price 3.4813
Fibonacci 61.8% 3.0519
Fibonacci 50% 2.9128
Fibonacci 38.2% 2.7736
52-Week Low 2.3232

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Barchart Futures Commentary

Barchart Futures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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