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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 Falls on Dovish Fed Comments and Euro Strength

The dollar index (DXY00) on Tuesday fell by -0.34% and posted a 3-1/2 month low. The dollar Tuesday was under pressure on dovish comments from Fed Governor Waller, who said that Fed policy is well-positioned, signaling he favors a continued pause to Fed rate hikes. Also, hawkish ECB comments Tuesday boosted EUR/USD to a 3-1/2 month high and undercut the dollar.  The dollar recovered from its worst levels after U.S. Nov consumer confidence rose more than expected. 

Tuesday’s U.S. economic news was mixed for the dollar.  On the bearish side, the Nov Richmond Fed manufacturing survey fell -8 to -5, weaker than expectations of 1.  Conversely, the Sep CoreLogic composite-20 home price index rose +3.92% y/y, stronger than expectations of +3.90% and the largest increase in 9 months.  Also, the Conference Board U.S. Nov consumer confidence index rose +2.9 to 102.0, stronger than expectations of 101.0.

Tuesday’s Comments from Fed Governor Waller suggest he favors pausing Fed rate... 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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