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COMMODITIES: Iron Ore Jumps After China Eases Home-Buying Curbs, Crude Steady

COMMODITIES
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  • Iron ore spiked almost 10% on Monday after some of China’s biggest cities eased curbs on home-buying. Shanghai, Guangzhou and Shenzhen loosened rules, following through on Beijing’s latest efforts to prop up the embattled property sector.
  • After opening higher, however, copper gave up its gains through Monday’s session, with the red metal currently 1.1% lower on the day at $455/lb.
  • Copper remains over 12% above its Sept 5 low, however, and Codelco chairman Maximo Pacheco said today that the company’s output has started to recover.
  • For now, the move down in copper futures is considered corrective. Key support is seen at $430.32, the 50-day EMA. Key near-term resistance is seen at $479.00, today’s intraday high.
  • Spot gold is also 1% lower at $2,631/oz.
  • Meanwhile, oil struggled for direction on Monday as bullish Middle East drivers have failed to hold up against a weak backdrop for oil.
  • WTI Nov 24 is up 0.2% at $68.3/bbl.
  • Signs of an imminent Israeli ground invasion into Lebanon proved supportive later in the session but has again failed to hold as markets assess no direct impact for oil flows yet.
  • For WTI futures, a move lower would refocus attention on $64.61, the Sep 10 low and bear trigger. Resistance is seen at the 50-day EMA of $71.77.
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  • Iron ore spiked almost 10% on Monday after some of China’s biggest cities eased curbs on home-buying. Shanghai, Guangzhou and Shenzhen loosened rules, following through on Beijing’s latest efforts to prop up the embattled property sector.
  • After opening higher, however, copper gave up its gains through Monday’s session, with the red metal currently 1.1% lower on the day at $455/lb.
  • Copper remains over 12% above its Sept 5 low, however, and Codelco chairman Maximo Pacheco said today that the company’s output has started to recover.
  • For now, the move down in copper futures is considered corrective. Key support is seen at $430.32, the 50-day EMA. Key near-term resistance is seen at $479.00, today’s intraday high.
  • Spot gold is also 1% lower at $2,631/oz.
  • Meanwhile, oil struggled for direction on Monday as bullish Middle East drivers have failed to hold up against a weak backdrop for oil.
  • WTI Nov 24 is up 0.2% at $68.3/bbl.
  • Signs of an imminent Israeli ground invasion into Lebanon proved supportive later in the session but has again failed to hold as markets assess no direct impact for oil flows yet.
  • For WTI futures, a move lower would refocus attention on $64.61, the Sep 10 low and bear trigger. Resistance is seen at the 50-day EMA of $71.77.