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COMMODITIES: Crude Futures Retrace Monday’s Sharp Advance

COMMODITIES
  • Crude markets have reversed yesterday’s rally in what market analysts attribute to a technical correction, noting the failure to breach the 200-day moving average during Monday’s session which now acts as a ceiling to the market.
  • As a reminder, Libya’s eastern government announced on Monday it would shut down the country’s crude output and exports, prompting a surge in crude prices. Front month WTI is down 2.2% at 75.75$/bbl.
  • The easing of recessionary concerns has helped industrial metals rise, with both iron ore and copper consolidating their sold recoveries in recent sessions. Onshore positives are from further rises in local steel futures, while carry over from lower inventory levels at China ports (from the end of last week) may also be helping sentiment.
  • For precious metals, spot gold has been assisted higher by the lower US yields and accompanying greenback weakness, with the yellow metal hovering close to all-time highs. 
  • The recent breach of resistance at $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. Note that moving average studies remain in a bull-mode set-up and this continues to highlight a dominant uptrend. The focus is on a climb towards $2536.4 next, a Fibonacci projection.
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