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COMMODITIES: Crude Lowest Since Dec 2021, Spot Gold Consolidates

COMMODITIES
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  • WTI is headed for its lowest close since December 2021 as the market’s bearish feel grows. A slight downward revision of demand growth from OPEC, coupled with continued weakness from the USA and China maintain price pressure.
  • WTI Oct 24 is down 4.2% at $65.8/bbl.
  • OPEC lowered its demand growth to 2.0m b/d for 2024, down 80k b/d compared to last month’s assessment, according to their August MOMR.
  • WTI futures remain in a bearish condition, having pierced key support at $66.66. Next support is at $65.30 - 1.50 projection of the Apr 12 - Jun 4 - Jul 5 price swing.
  • In contrast, spot gold has edged up by 0.4% to $2,516/oz today, as the yellow metal remains close to last month’s record high, ahead of key US CPI data tomorrow.
  • Gold is in consolidation mode, although the trend condition is unchanged and the primary direction remains up, with sights on $2,536.4 next, a Fibonacci projection.
  • Meanwhile, copper has fallen by 1% to $410/lb.
  • Chile’s copper commission Cochilco today lowered its copper price forecast for this year to average $4.18/lb, from $4.30 previously, amidst a weaker demand outlook.
  • A bear cycle in copper futures remains intact, with initial support seen at $396.45, the Aug 7 low. On the upside, a clear break of the 50-EMA at $423.34 would signal scope for stronger gains.
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  • WTI is headed for its lowest close since December 2021 as the market’s bearish feel grows. A slight downward revision of demand growth from OPEC, coupled with continued weakness from the USA and China maintain price pressure.
  • WTI Oct 24 is down 4.2% at $65.8/bbl.
  • OPEC lowered its demand growth to 2.0m b/d for 2024, down 80k b/d compared to last month’s assessment, according to their August MOMR.
  • WTI futures remain in a bearish condition, having pierced key support at $66.66. Next support is at $65.30 - 1.50 projection of the Apr 12 - Jun 4 - Jul 5 price swing.
  • In contrast, spot gold has edged up by 0.4% to $2,516/oz today, as the yellow metal remains close to last month’s record high, ahead of key US CPI data tomorrow.
  • Gold is in consolidation mode, although the trend condition is unchanged and the primary direction remains up, with sights on $2,536.4 next, a Fibonacci projection.
  • Meanwhile, copper has fallen by 1% to $410/lb.
  • Chile’s copper commission Cochilco today lowered its copper price forecast for this year to average $4.18/lb, from $4.30 previously, amidst a weaker demand outlook.
  • A bear cycle in copper futures remains intact, with initial support seen at $396.45, the Aug 7 low. On the upside, a clear break of the 50-EMA at $423.34 would signal scope for stronger gains.