- Copper hit a high during today's European session at $5.09.
- With the weakening of the US dollar, it is cheaper to acquire raw materials.
Copper has made a high at $5.09buoyed by a US dollar that has weakened recently.
The US CPI grows less than expected in April
The Consumer Price Index (CPI) grew 0.3% compared to April after increasing 0.4% in March. The figure is below the 0.4% expected by the market. Annual inflation has stood at 3.4%, in line with the consensus. Separately, the US Census Bureau reported today that retail sales were unchanged in April. This reading disappoints the market expectations of a 0.4% increase and together with the inflation figures, has led the Dollar Index (DXY) to reach a minimum of 104.43 points, so the bullish trend in copper is expected it stays. Currently, copper is trading at $4.88.
Technical levels in copper
The first support zone is located at $4.58 at the confluence with the 23.6% Fibonacci retracement. A historical maximum has been established today at $5.09, it is the immediate objective to be overcome by buyers since there are no upper resistances.
Weekly copper chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
