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COMMODITIES: Crude Rises on Storm Francine Fears, Copper Rebounds

COMMODITIES
  • WTI is set for gains today, boosted by concerns that Tropical Storm Francine could impact USGC output.
  • WTI Oct 24 is up 1.6% at $68.7/bbl.
  • Tropical Storm Francine’s path threatens to impact around 1.3m b/d of oil output, according to Bloomberg.
  • For WTI futures, initial firm resistance is at $72.68, the 20-day EMA. On the downside, key support is at $66.66, a Fibonacci projection.
  • In contrast, Henry Hub is losing ground today amid concerns that Tropical Storm Francine could disrupt both power demand and LNG feedgas flows.
  • US Natgas Oct 24 is down 4.4% at $2.18/mmbtu.
  • Spot gold has edged up by 0.2% today to $2,502/oz.
  • Sights remain on $2,536.4 next, a Fibonacci projection, while initial support is at $2,472.0, the Sep 4 low.
  • Meanwhile, copper has rebounded by 1.6% to $414/lb. Analysts note some signs of improving Chinese demand, including a drawdown in copper inventories and a jump in monthly electric vehicle sales.
  • For copper, a clear break of the 50-EMA at $423.83 would signal scope for stronger gains towards $444.30, the Jul 18 high. Initial support is at $396.45, the Aug 7 low.

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