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Copper Rises to 11-Month High As Chinese Smelters Discuss Cuts

COMMODITIES
  • Precious metals have risen on Wednesday, with spot gold rebounding by 0.8% to $2,175/oz on the session.
  • The recent break above resistance at $2135.4, the Dec 4 high, signals scope for $2206.6 next, a Fibonacci projection. Firm support is at $2095.2, the 20-day EMA.
  • Meanwhile, silver is outperforming today, rising by 3.5% to $25/oz. As a result, the gold/silver ratio is down sharply on the day, to its lowest level since Feb 19.
  • Elsewhere, copper prices rose by 3.1% to $405/lb, reaching the highest level since April last year. The metal was supported by reports that Chinese smelters discussed steps including potential production cuts to cope with a plunge in processing fees.
  • Crude futures are trading higher on the day amid potential supply disruptions from further drone attacks on Russian refineries and an unexpected draw in US crude stocks.
  • WTI is back to its intraday high, up 3.0% at $79.9/bbl. Higher US refinery utilisation rates and rising gasoline demand are also likely to be supportive.
  • The WTI futures trend condition remains bullish, with initial resistance at $80.85, the Mar 1 high, followed by $81.70, a Fibonacci retracement. On the downside, support to watch is $76.61, the 50-day EMA.
Energy BulletsCommodities
Energy BulletsCommodities

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