As per the outlook given on Copper has proven accurate. Copper futures dropped towards the predicted level. (Report released on Monday)
A bunch of economic data from the US are due to be released later today. From which, Non-Farm Employment Change data will have a significant impact in the evening session.
Copper gave up its gains yesterday. Copper prices pressured after the European Central Bank raised interest rates by 50 basis points, while the Bank of England adopted a more dovish tone on inflation. The US dollar rose against a basket of currencies which also weighed on sentiment.
Copper: LME copper prices closed at $9,033.5/mt in overnight trading, a decline of 0.23%. Trading volume was 18,000 lots and open interest stood at 254,000 lots.
Technically, Copper Future retreated from the high 789.00 yesterday, and dropped towards 775 levels. Our weekly outlook given on Monday proved accurate. Copper futures inched lower near to our predicted target 772.00.
On the above chart, Copper future prices trading near to crucial support 772.00. Coincided with more than two week consolidation support.
 Adding to this, RSI 14 and its 9 SMA is trading at an overbought zone. Further, MACD also gives negative crossover on the chart. Both are still indicating a short term correction in Copper future prices.Today, a break below 769.50 only will create a probability for correction. Copper prices may test 760-755, if break below above levels. Alternatively, Copper prices may witness pullback towards 775-785.00.