Copper futures fell over one percent in American trade, heading for the fourth daily decline in six sessions away from the highest since September 16, 2014, as the dollar index rebounded from the lowest since January 2, 2015, following earlier data from the US. 

As of 02:21 GMT, copper futures due on December 15 tumbled 1.48% to $299.10 a pound from the opening of $303.60, while the dollar index rose 0.08% to 91.95 from the opening of 91.88. 

Earlier US data showed producer prices rose less than expected in August, while core prices widened also below forecasts, as yearly readings for both accelerates below expectations as well. 

Copper is moving away from three-year highs and plumbing the lowest since August 23 on profit-taking, especially as the dollar flexed its muscles as concerns dissipate over the North Korea nuclear crisis and Hurricane Irma. 

Otherwise, the latest report from commodity analysts at Commerzbank said that many experts believe that the copper market is facing a speculative surge on a wide level that's not properly based. 

The report pointed to Chilean state-owned copper mining company Codelco as an example of recent speculation, while noting that the company itself said recently that copper prices are considerably above their reasonable limits, and that gains in recent months were not sustainable, after copper prices rose 24% year-to-date, compared to 15% for gold and 11% for silver. 

Some analysts predicted surpluses in the copper market in the long term, pointing to already existing surpluses that could carry on for two years, especially as Chinese demand slows down. 

Copper prices could tumble in the coming period as Chinese housing sales drop while credit growth in China slows down alongside mining inventories in the world's largest metals consumer. 

Celebrating the 10th anniversary after producing the first iPhone, which formed a boom in the smart phone world, Tim Cook – CEO of Apple – stood at the new Steve Jobs theater and unveiled the company's latest smart phone, the iPhone X.

The iPhone X uses new system for face recognition to identify the device owner instead of the previous system that uses the fingerprint based system, while Apple revealed that the new Face-ID system can identify persons in the dark via using 30,000 IR dots, and it's hard to deceive the new system as it was in the previous Touch-ID system.

The iPhone X is a new breakthrough in the company's smartphone industry when it comes to the design of the screen, coming with a large 5.8" without edges, and the screen is very high resolution more than QHD quality, supporting the HDR, as it provides very high saturation colors and better viewing experience.

The new iPhone X comes with the new A11 processor that provides better battery consumption, besides 3GB RAM, giving faster and better performance compared to the previously iPhone generations.

The iPhone X resists water and dust with the IP67 standard, with steel in its manufacturing, coming in gray and silver colors, while it features 12-megapixel rear camera with high quality shooting accuracy, and a 7-megapixel front facing camera with high quality shooting accuracy as well.

Coming to the device price, the 64GB is for $999, and it will be available for sale on the 3rd of November, while the 256GB is for $1149, and before announcing the new iPhone X, iPhone 7 Plus was the Apple's highest phones' price at $969.

The company's shares price reacted negatively after unveiling the new device, losing its previous gains, closing the trading sessions at Wall Street at $160.86, down 0.4%, amid concerns of the company's sales' retreat due to the higher prices of the new products.

Apple shares price moves within long term bullish track, carried by the bullish trend line that appears on chart, supported by the EMA50 that provides continuous positive support, but we notice that the price recorded lower top compared to the recent top at 164.93, which urges caution from the upcoming trading, due to the possibility of falling under negative pressure and start a bearish correction on the short term basis.

On the other hand, there are technical patterns under construction now, as breaking 158.75 represents the confirmation factor to an intraday head and shoulders' pattern that will push the price to attack the long term bullish trend line at 153.75, which forms the support line of potential rising wedge pattern that will be completed in case the price succeeded to confirm breaking the mentioned level and hold with a daily close below it, to rally towards starting and bearish correction that its targets begin at 147.12 and extend to 136.10.

Therefore, we need to monitor the upcoming trading carefully, especially in case the price started to attack the key support levels that start at 158.75 followed by 153.75, noting that breaking these levels will push the price to suffer potential losses on the short term basis, while on the other hand rallying upwards to breach 164.93 will stop the current negative pressure and cancel the mentioned technical patterns to push the price to resume its main bullish trend on the long term basis.

US stock indices closed higher on Tuesday, with finance stocks leading the charge, and S&P 500 hitting fresh record highs, following earlier upbeat data that showed an unexpected rise in the JOLTS job openings survey in July. 

Similarly, US Treasury Secretary Steven Mnuchin said that President Donald Trump's administration seeks to wrap up the tax reform agenda by the end of 2017, adding that he doesn't know whether Trump's goal to cut corporate taxes to 15% is achievable due to budget constraints, but he asserted on the importance of reaching record competitiveness. 

On Thursday, the Senate Financial Committee will hold a session to hear tax reform propositions, after Senator Orrin Hatch said he expects the plan to be shared with other senators, while Trump urged Congress to vote on the reforms as fast as possible without waiting until the end of September. 

Concerns have dissipated overall regarding the North Korea nuclear situation and Hurricane Irma, with the later losing most of its strength already, in turn buoying risk appetite in the markets, but Apple's stock gave up ground however after debuting its new iPhone, capping the market's advance.

Dow Jones rose 0.28%, or 61.49 points to 22,118.86, while Standard and Poor's 500 added 0.34%, or 8.37 points to 2,496.48. NASDAQ Composite advanced 0.34%, or 22.02 points to 6,454.28. 

Gold futures due on December 16 shed 0.02% to $1,335.40 an ounce from the opening of $1,335.70, while the dollar index gained 0.07% to 91.94 from the opening of 91.87. 

Otherwise, US crude futures due on October 15 rose 0.37% to $48.25 a barrel from the opening of $48.07, while Brent crude futures due on November 15 powered up 0.84% to $54.29 a barrel from the opening of $53.84. 

Wheat futures fell over two percent as the dollar index rebounded for the third session away from the lowest since January 2, 2015, following earlier data from the US, the world's largest corn producer and exporter, including the US Department of Agriculture's monthly report. 

As of 07:17 GMT, corn futures due on December 15 tumbled 2.38% to $3.4900 from the opening of $3.5750, while the dollar index rose 0.06% to 91.93 from the opening of 91.87. 

Earlier US data showed JOLTS job openings rose to 6.17 million in July from 6.12M in June, besting expectations of 5.96M. 

Otherwise, the dollar index rebounded today on short-covering, while the USDA reported a rise in US corn inventories in the agriculture year of 2017/2018 to 2.335 billion bushels, compared to previous official forecasts at 2.273 billion, and market expectations at 2.18 billion. 

Similarly, the USDA report released earlier today raised corn productivity forecasts by 0.4 bushel to 169.9 bushels per donam, compared to previous forecasts of 168.2 bushels, with the department now expecting total corn production this year to amount to 14.184 billion bushels, up from 14.153 billion in the previous forecasts. 

The upgrade in productivity forecasts weighed on prices, noting that the USDA report said that grain projections for the current month don't reflect the impact of the floods and Hurricanes that hit the US recently, adding that the Department will make survey in the affected areas to include the damages in the October report.