(VIANEWS) – Prices of copper drop to the early June highs and then fall to $4.59 ahead Tuesday’s European session. The market is not cheering China’s steel export restrictions.
FXStreet confirmed that China authorities have been moving closer to the export limit of metals, having seen a decrease in industrial profits for the fourth consecutive month. Although the news initially supported commodity prices, it failed to acknowledge the negative sentiments of late.
Copper (HG=f) is currently on bearish momentum. At 04:04 EST on Tuesday, 27 July, Copper (HG=f) is at $4.51 and 1.55% down since the last session’s close.
Today’s last reported volume for Copper is 25909, 100% below its average volume of 20595094435.94.
Concerning Copper’s daily highs and lows, it’s 1.463% down from its trailing 24 hours low of $4.58 and 1.773% down from its trailing 24 hours high of $4.60.
Copper’s last week, last month’s, and last quarter’s current volatility was a negative 0.09%, a negative 0.06%, and a positive 1.07%, respectively.
Copper’s current volatility rank, which measures how volatile a financial asset is (variation between the lowest and highest value in a period), was 1.40% (last week), 0.88% (last month), and 1.07% (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).
Last news about Copper (HG=f)
Copper producers are paying the price of their covid cutbacks. According to Bloomberg Quint on Monday, 26 July, “Southern Copper Corp. missed quarterly output expectations as the world’s fifth-largest producer deals with the lingering effects of the pandemic.”
More news about Copper (HG=f).