Copper is trading mildly higher this morning with a gain of 0.07% as investors started to gauge in the results of the two days Fed meeting which will conclude tomorrow. It is a common methodology amid traders that they will not take excessive risk when a gun is pointed to their head- The Federal Reserve meeting; therefore we may continue to see no massive move for copper until we have a conclusion of this meeting.
Having said that, the economic docket is well lit today. The PPI, Core Retail Sale, Retail Sales and Core PPI are all due at 12:30 GMT. The forecast for the retail numbers for September is expected to come somewhat flat, which will be a decrease, as compared to August reading. But, in the light of what took place in Washington, we do not expect this data will ignite any kind of firework and a possibility of a downward revision for the next week’s retail number also stays on the cards.
The metal fell from its resistance of 7347 and has continued its downward trend. However, as long as the support of 7063 holds, we could continue moving in a range base trading.