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Scrap #2 Copper 94-96% Idx (CUPAUSY6.CM)
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Scrap #2 Copper 94-96% Idx Futures Market News and Commentary

U.S. Economic Strength and Bank Turmoil Boost the Dollar

The dollar index (DXY00) on Friday rose by +0.56%. The dollar Friday rose moderately on stronger-than-expected U.S. economic reports.  Also, signs of strong foreign demand for dollars are bullish for the greenback after the Federal Reserve facility that gives foreign central banks access to dollar funding was tapped for a record $60 billion in the week through March 22. 

Friday’s U.S. economic data was bullish for the dollar.  Feb capital goods new orders nondefense ex-aircraft unexpectedly rose +0.2% m/m, stronger than expectations of a decline of -0.2% m/m.  Also, the Mar S&P manufacturing PMI unexpectedly rose +2.0 to a 5-month high of  49.3, stronger than expectations of a decline to 47.0.

Comments Friday from St. Louis Fed President Bullard had a hawkish tilt and supported the dollar when he said that financial stability issues could be tackled via additional steps to ease bank strains, while tighter monetary policy can keep targeting high inflation.  Bullard also s... Read more

Price Performance

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Period Period Low Period High Performance
2.4323 +0.31%
on 08/25/22
2.4840 -1.78%
on 08/11/22
-0.0608 (-2.43%)
since 08/05/22
2.3452 +4.03%
on 07/19/22
3.0397 -19.74%
on 06/15/22
-0.4845 (-16.57%)
since 06/06/22
2.3452 +4.03%
on 07/19/22
3.4333 -28.94%
on 03/07/22
-0.5986 (-19.70%)
since 09/03/21

Benchmark National Price Indexes

Barchart Technical Opinion

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

Long term indicators fully support a continuation of the trend.

The market is approaching oversold territory. Be watchful of a trend reversal.

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Key Turning Points

3rd Resistance Point 2.4398
2nd Resistance Point 2.4398
1st Resistance Point 2.4398
Last Price 2.4398
1st Support Level 2.4398
2nd Support Level 2.4398
3rd Support Level 2.4398

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52-Week High 3.4333
Fibonacci 61.8% 3.0176
Fibonacci 50% 2.8893
Fibonacci 38.2% 2.7609
Last Price 2.4398
52-Week Low 2.3452

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