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COMMODITIES: Crude Gains Ground, Spot Gold Edges Higher

COMMODITIES
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  • Crude markets have gained ground today, with WTI on track for its highest close since Sept 3. Curtailed Libya output and expectations of a US interest rate cut this week have helped provide some support, but gains have been limited by persistent China demand concerns after further weak data.
  • WTI Oct 24 is up by 2.1% at $70.1/bbl.
  • WTI futures remain in a bearish condition, suggesting that the most recent bounce is a short-term correction. However, the contract is approaching firm resistance at $70.98, the 20-day EMA.
  • Meanwhile, Henry Hub is trading higher today and is on track for the highest close since early July. A recovery in LNG flows to early September levels is weighed against the gradual rebound in Gulf of Mexico production.
  • US Natgas Oct 24 is up by 3.1% at $2.38/mmbtu.
  • Spot gold is currently up by 0.1% to $2,581/oz, having hit a fresh all-time high of $2,589.7/oz earlier in the session, aided by further dollar weakness.
  • A bullish structure in gold remains intact, with the focus on $2,600.0 next.
  • Copper has also risen by 0.7% to $426.6/lb today, leaving the red metal on course for a fourth successive gain.
  • For copper, resistance to watch is at $431.85, the Aug 27 high, which was almost reached earlier on Monday. A break of this hurdle would signal scope for a stronger short-term recovery.
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  • Crude markets have gained ground today, with WTI on track for its highest close since Sept 3. Curtailed Libya output and expectations of a US interest rate cut this week have helped provide some support, but gains have been limited by persistent China demand concerns after further weak data.
  • WTI Oct 24 is up by 2.1% at $70.1/bbl.
  • WTI futures remain in a bearish condition, suggesting that the most recent bounce is a short-term correction. However, the contract is approaching firm resistance at $70.98, the 20-day EMA.
  • Meanwhile, Henry Hub is trading higher today and is on track for the highest close since early July. A recovery in LNG flows to early September levels is weighed against the gradual rebound in Gulf of Mexico production.
  • US Natgas Oct 24 is up by 3.1% at $2.38/mmbtu.
  • Spot gold is currently up by 0.1% to $2,581/oz, having hit a fresh all-time high of $2,589.7/oz earlier in the session, aided by further dollar weakness.
  • A bullish structure in gold remains intact, with the focus on $2,600.0 next.
  • Copper has also risen by 0.7% to $426.6/lb today, leaving the red metal on course for a fourth successive gain.
  • For copper, resistance to watch is at $431.85, the Aug 27 high, which was almost reached earlier on Monday. A break of this hurdle would signal scope for a stronger short-term recovery.