(VIANEWS) – Copper (HG) has been up by 7.93% for the last 10 sessions. At 19:50 EST on Thursday, 24 November, Copper (HG) is $3.63.

Why is Copper Future Going Down?

Traditionally, copper is viewed as a cyclical commodity. When the economy is weak, demand tends to fall. However, when the economy is growing, demand can be strong. For instance, demand for copper increases when there are major infrastructure projects underway.

Copper is used for a number of applications, such as wires and electronics. It also plays a role in the transportation industry. Its use in the electric vehicle industry is accelerating.

China, the world’s largest copper consumer, is stepping up infrastructure spending, which will increase demand. However, China is also cracking down on hoarding and speculation.

Copper is used in a number of applications, including household appliances and construction materials. It is also an important indicator of the health of the global economy.

The copper market is closely tied to the Federal Reserve’s interest-rate hikes and the “specter” of a recession. The market also has a large supply gap, meaning copper prices should be on the rise over the long term.

But, the copper futures market recently posted its biggest quarterly percentage decline in a decade. In the second quarter, copper futures for September delivery on the Comex dropped nearly 22%.

The fall in copper prices has been accompanied by a fall in other industrial metals. Copper and zinc are down 20% to 40%, while aluminum and tin are up by more than 40%.

As prices rise, the dollar tends to fall. This is a good thing for commodities. However, copper futures investors must be wary of contango, which is when the price of a futures contract is higher than the expected spot price. This could keep the market tight.

Volume

Today’s last reported volume for Copper is 17303, 99.99% below its average volume of 16108931217.64.

Volatility

Copper’s last week, last month’s, and last quarter’s current intraday variation average was a negative 1.52%, a negative 0.94%, and a positive 1.76%, respectively.

Copper’s highest amplitude of average volatility was 1.60% (last week), 2.26% (last month), and 1.76% (last quarter), respectively.

Commodity Price Classification

According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Copper’s commodity is considered to be oversold (<=20).

News about Crude Oil

  • According to FXStreet on Wednesday, 23 November, "However, the recovery in the Crude Oil prices and the market’s cautious mood seemed to have favored the INR bears afterward."
  • WTI crude oil forecast: continues to attempt recovery – 23 November 2022. According to DailyForex on Wednesday, 23 November, "On the other hand, if we were to turn around and break down below the bottom of the Monday candlestick, I think that opens the floodgates, perhaps sending the WTI Crude Oil market below the $75 level, perhaps even down to the $72.50 level. "

More news about Copper (HG).

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