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COMMODITIES: Crude Plunges, Copper Slides Further

COMMODITIES
  • WTI crude has fallen sharply to around year-to-date lows, as the market faces further downward pressure from expectations of OPEC+ cut unwinding, coupled with optimism that the Libya production stoppage may be short lived.
  • WTI Oct 24 is down by 4.5% at $70.2/bbl.
  • WTI futures have pierced key support at $70.88, the Aug 5 low. A clear break of this level would confirm a resumption of the downtrend that started Apr 12, paving the way for an extension towards $68.92, the Dec 13 ‘23 low.
  • Meanwhile, spot gold is down by 0.4% to $2,489/oz today.
  • Trend conditions in gold remain bullish, with focus on a climb towards $2,536.4 next, a Fibonacci projection.
  • Initial support to watch lies at $2,484.0, the 20-day EMA, which was pierced earlier in the session. A pullback would be considered corrective.
  • Elsewhere, copper has fallen by 3.0% to $409/lb, bringing the red metal to its lowest level since August 15.
  • Concerns over weak Chinese demand is weighing on copper, with Goldman Sachs citing high copper inventories in China and its weak property sector as it announced a cut in its copper price forecast.
  • A bear cycle in copper futures remains intact and the latest resumption of weakness reinforces this theme, opening $396.45, the Aug 7 low. Clearance of this support would expose $374.65, the Feb 9 low. 
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