Copper price failed to mirror the gains that gold and silver experienced yesterday. This sudden surge in positive sentiment is attributed to October CPI data, which showed a 3.2% inflation on a YoY basis, below the anticipated 3.3%. This was also a significant decrease from the last month’s 3.7%.
However, as of right now, the brown metal is up 0.68% as it hovers around its 6-week highs. This uptick is supported by China’s positive industrial output data released on Wednesday, which revealed a growth of 4.6%, beating the consensus of 4.4%.
The price for copper appears to be facing some resistance at the $3.71 level. At the time of writing this article, the metal was priced at $3.7105, which shows a 15% drop from its yearly peak of $4.36.T
Consequently, the bulls need to be vigilant as a breakout above the $3.71 resistance level would trigger a retest of the 200 MA, which was breached last month. Despite this, the macro Copper price forecast remains bearish due to its earlier breakdown from the symmetrical triangle pattern.