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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

Dollar Gives Up Early Gains as Stocks Advance

The dollar index (DXY00) on Friday fell by -0.289 (-0.28%).  The dollar index Friday fell back from a new 19-year high and posted moderate losses.  A rally in stocks Friday curbed liquidity demand for the dollar and sparked long liquidation in the dollar.  Also, a bigger than expected decline in the University of Michigan U.S. May consumer sentiment to a 10-year low weighed on the dollar.  The dollar Friday initially climbed to a new 19-year high on higher T-note yields and weakness in the yuan, which fell to a 19-month low today against the dollar.

Cleveland Fed President Mester said Friday that "unless there are some big surprises, I expect it to be appropriate to raise the policy rate another 50 bp at each of our next two meetings.  If, by the September FOMC meeting, the monthly inflation data provide compelling evidence that inflation is moving down, then the pace of rate increases could slow, but if inflation has failed to moderate, then a faster pace of rate increases ma... Read more

Price Performance

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Period Period Low Period High Performance
2.8896 +0.44%
on 05/10/22
3.2497 -10.69%
on 04/25/22
-0.2855 (-8.96%)
since 04/13/22
2.8896 +0.44%
on 05/10/22
3.4333 -15.46%
on 03/07/22
-0.4917 (-14.49%)
since 02/11/22
2.7481 +5.61%
on 08/19/21
3.4333 -15.46%
on 03/07/22
-0.2264 (-7.24%)
since 05/13/21

Benchmark National Price Indexes

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 72% Sell with a Strengthening short term outlook on maintaining the current direction.

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

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Key Turning Points

3rd Resistance Point 2.9024
2nd Resistance Point 2.9024
1st Resistance Point 2.9024
Last Price 2.9024
1st Support Level 2.9024
2nd Support Level 2.9024
3rd Support Level 2.9024

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52-Week High 3.4333
Fibonacci 61.8% 3.1716
Fibonacci 50% 3.0907
Fibonacci 38.2% 3.0098
Last Price 2.9024
52-Week Low 2.7481

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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 Delivered every Wednesday and Friday morning to your inbox.

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