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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 Strong U.S. Economic News

The dollar index (DXY00) on Friday rose by +0.45% and posted a 3-week high. The dollar moved higher Friday after stronger-than-expected U.S. economic reports on Nov payrolls and Dec consumer sentiment dampened speculation the Fed would begin cutting rates as soon as Q1. The dollar fell back from its best levels Friday after stocks recovered early losses and moved higher, curbing liquidity demand for the dollar. 

Friday’s U.S. economic news was hawkish for Fed policy and bullish for the dollar.  Nov nonfarm payrolls rose +199,000, stronger than expectations of +185,000.  Also, the Nov unemployment rate fell -0.2 to a 4-month low of 3.7%, showing a stronger labor market than expectations of no change at 3.9%.  In addition, the University of Michigan U.S. Dec consumer sentiment index rose +8.1 to a 4-month high of 69.4, stronger than expectations of 62.0.

The markets are discounting a 1% chance for a +25 bp rate hike at the next FOMC meeting on Dec 12-13 FOMC and a 0% chanc... Read more

Price Performance

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Period Period Low Period High Performance
1-Month
2.7132 +1.34%
on 08/08/22
2.7895 -1.43%
on 08/11/22
+0.0521 (+1.93%)
since 08/05/22
3-Month
2.5759 +6.74%
on 07/19/22
3.4594 -20.52%
on 06/14/22
-0.6461 (-19.03%)
since 06/06/22
52-Week
2.5759 +6.74%
on 07/19/22
3.7367 -26.42%
on 02/16/22
-0.5381 (-16.37%)
since 09/03/21

Benchmark National Price Indexes

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 88% Sell with a Strengthening short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

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Key Turning Points

3rd Resistance Point 2.7495
2nd Resistance Point 2.7495
1st Resistance Point 2.7495
Last Price 2.7495
1st Support Level 2.7495
2nd Support Level 2.7495
3rd Support Level 2.7495

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52-Week High 3.7367
Fibonacci 61.8% 3.2933
Fibonacci 50% 3.1563
Fibonacci 38.2% 3.0193
Last Price 2.7495
52-Week Low 2.5759

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