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COMMODITIES: Crude Gains Amid Prospect Of OPEC+ Output Cut Extension

COMMODITIES
  • Crude has climbed to its highest since Nov 25, amid support from further expectations of an OPEC+ rollover to cuts, coupled with Middle East ceasefire instability.
  • Four Reuters sources said that OPEC+ is likely to extend its latest round of output cuts until the end of Q1.
  • WTI Jan 25 is up by 2.7% at $69.9/bbl, narrowing the gap to initial firm resistance at $72.41, the Nov 7 high.
  • Meanwhile, copper is up by 1.6% at $420/lb, albeit off from a high of $426 reached earlier in the session.
  • The move followed the broader bid for precious metals and weakening of the US dollar. Price action was exacerbated by a break of the late November highs earlier in the session and was underpinned by prospects of upcoming China's fiscal stimulus.
  • A bearish trend condition in copper futures remains intact, however, with eyes on $401.35, the Aug 7 low.
  • Spot gold has continued to consolidate after the sharp pull-back on Nov 25, with the yellow metal edging up by 0.1% to $2,642/oz.
  • Resistance to watch remains at $2,721.4, the Nov 25 high.
  • Silver is outperforming and has risen by 1.6% to $31.0/oz, bringing the gold-silver ratio down to its lowest since Nov 21.
  • Initial firm resistance to watch is $31.148, the 50-day EMA. A clear break of this EMA would highlight a possible reversal.
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