Eurozone construction and copper round up
(Kitco News) - The Eurozone construction report from May - April 2021 showed that the month-on-month construction output improved 0.9% vs the previous months -0.4% retraction.
In the euro area in May 2021, compared with April 2021, building construction increased by 1.2% while civil engineering decreased by 0.3%.
The report also noted, among member states for which data are available, the highest monthly increases in production in construction were recorded in France (+5.4%), Poland (+3.8%) and Czechia (+3.0%). The largest decreases were observed in Slovenia (-7.5%), Romania (-5.8%), and Bulgaria (-2.4%).
Importantly, the continent's economic powerhouse Germany rose 1.3% vs the last month's decline of -1.9%.
Eurozone Construction Output (M/M) May: 0.9% (prev revised -0.4%; previous -2.2%)
Eurozone Construction Output (Y/Y) May: 13.6% (prev revised 45.2%; previous 42.3%)
Looking at the technicals of the copper futures chart below, it is clear to see the uptrend has stalled. The red trendline from the high has not been broken as of yet and even if it does it's hard to say if it will stay sideways. The main resistance, for now, is the green horizontal line at the consolidation high of $4.38/lb. If this gets taken out there is a high volume node just below $4.50/lb to watch too. On the downside, the blue shaded area is a very sticky zone for price. The price has used the area for support and resistance in the past and could do so once again.