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Copper Extends Rally, Gaining 1.75%

COMMODITIES
  • Copper prices advanced 1.75% on Monday after posting their best weekly performance in two months last week. The softer US dollar provided a solid foundation for the red metal to extend higher after a multitude of sell-side forecast upgrades. The focus in Copper futures (HGA) remains the Feb 25th highs at 437 (9,617 in LME) with prices currently trading 423.75.
  • Precious metals were unable to continue their recent constructive run amid the weaker dollar. Spot gold (-0.3%) and silver (-0.7%) turned from positive to negative on Monday as US long end yields rose. Recent gains in the yellow metal, however, have confirmed a double bottom reversal and primary support is found at $1757.9, the 50-day EMA.
  • Oil Benchmarks approached the NY close in marginally positive territory, rising around 0.4%. Despite spending most of the European session slightly in the red, a softer US dollar provided impetus to post small gains on Monday.
  • Following a positive technical weekly close, Brent resistance to watch comes in at $67.55, former trendline support drawn off the Nov 2 low and $67.76, the Mar 18 high.
  • Bitcoin continued to trade under pressure after a big retracement over the weekend that saw lows of $51,700 print. Sentiment had been soured late last week following the coinbase IPO and an announcement that Turkey's central bank decided to ban the use of cryptocurrencies for payments from the end of the month.
  • Commentators are viewing the pullback as a pause in optimism including former Goldman Sachs hedge-fund manager Raoul Pal who described a feeling of relief as a recent liquidation of leveraged longs "cleans up the market".
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