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COMMODITIES: Crude Climbs, Copper Rally Extends

COMMODITIES
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  • Crude has been on the rise today, with support coming from concerns over tighter supplies from Iran and Russia amid US sanctions.
  • WTI Feb 25 is up by 1.1% at $74.1/bbl.
  • The trend structure in WTI futures remains bullish, with key short-term resistance at $76.41, the Oct 8 high.
  • Meanwhile, spot gold has given up earlier gains to be up by just 0.2% at $2,667/oz.
  • Recent gains in gold, which has risen by 1.7% since the start of the year, appear corrective for now. However, a stronger climb would instead signal scope for gains towards resistance at $2,726.2, the Dec 12 high.
  • Elsewhere, copper has risen for a sixth consecutive session, with the red metal up by another 1.1% to $431/lb.
  • Today’s move takes total gains since the start of the year to nearly 7%.
  • Analysts at MUFG say that copper is likely to face near-term challenges due to the threat of US tariffs on Chinese goods, but Beijing's stimulus measures should support global demand.
  • From a technical perspective, the move higher in copper futures has undermined the recent bearish theme.
  • Price has traded through the 50-day EMA and pierced key short-term resistance at $433.50, the Dec 12 high, today. A clear break of this level would highlight a reversal.
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  • Crude has been on the rise today, with support coming from concerns over tighter supplies from Iran and Russia amid US sanctions.
  • WTI Feb 25 is up by 1.1% at $74.1/bbl.
  • The trend structure in WTI futures remains bullish, with key short-term resistance at $76.41, the Oct 8 high.
  • Meanwhile, spot gold has given up earlier gains to be up by just 0.2% at $2,667/oz.
  • Recent gains in gold, which has risen by 1.7% since the start of the year, appear corrective for now. However, a stronger climb would instead signal scope for gains towards resistance at $2,726.2, the Dec 12 high.
  • Elsewhere, copper has risen for a sixth consecutive session, with the red metal up by another 1.1% to $431/lb.
  • Today’s move takes total gains since the start of the year to nearly 7%.
  • Analysts at MUFG say that copper is likely to face near-term challenges due to the threat of US tariffs on Chinese goods, but Beijing's stimulus measures should support global demand.
  • From a technical perspective, the move higher in copper futures has undermined the recent bearish theme.
  • Price has traded through the 50-day EMA and pierced key short-term resistance at $433.50, the Dec 12 high, today. A clear break of this level would highlight a reversal.