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COMMODITIES: Crude Steady Despite OPEC Delay, Spot Gold, Copper Rise

COMMODITIES
  • Crude markets have given up earlier gains, erasing the initial jump driven by OPEC’s decision to delay the unwinding of production cuts. The market seemingly lacks confidence in OPEC+’s ability to control global balances at present.
  • WTI Oct 24 is broadly unchanged at $69.2/bbl.
  • The clear break of key support at $70.88, the Aug 5 low, paves the way for an extension towards $66.66, a Fibonacci projection.
  • In contrast, Henry Hub has maintained most of its gains on the day, supported by a smaller than expected injection into US natural gas storage last week.
  • US Natgas Oct 24 is up 5.3% at $2.26/mmbtu.
  • Meanwhile, spot gold has risen by 0.8% to $2,516/oz, keeping the yellow metal close to last month’s record high of $2,531.75, ahead of tomorrow’s key US labour market data.
  • Focus remains on $2,536.4 next, a Fibonacci projection, while initial support is at $2,472.0, the Sep 4 low.
  • Copper has also risen by 1.5% today to $414/lb.
  • A bear cycle in copper futures remains intact, however, with attention on $396.45, the Aug 7 low. Clearance of this support would expose $374.65, the Feb 9 low.
  • On the upside, the 50-day EMA at $424.92 has recently been pierced. A clear break of this would signal scope for stronger gains towards $444.30, the Jul 18 high.
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