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Copper Rolls Off The Highs as China Fragility Spreads

COMMODITIES
  • Copper and industrial metals partially reversed recent gains Tuesday as Chinese equity markets slid sharply. Copper rolled off the overnight highs of $4.628, but may find some support headed into the 50-dma of $4.411.
  • Oil benchmarks were similarly soft, with WTI off around 0.9% while Brent retreated 0.4% into the NYMEX close. Recent ranges were largely respected, with support undercutting at the $70.45 50-dma.
  • Gold is slightly softer but remains inside its recent range and below $1834.1, Jul 15 high. The outlook is bullish and the recent pullback is considered corrective. Price however needs to clear $1834.1, Jul 15 high to confirm a resumption of the bull cycle. Support to watch is $1791.7, Jul 12 low that was briefly probed on Friday.
  • Focus Wednesday turns to the weekly DoE crude inventories update, with markets expecting a draw of 2.4mln bbls following last week's build.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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