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COMMODITIES: Crude Extends Losses Amid Russia/Ukraine Optimism, Copper Rebounds

COMMODITIES
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  • Crude has extended losses today after Presidents Trump and Putin appeared to agree to begin talks over ending the Ukraine war, a bearish move for oil markets. This added to existing pressure from an above-expectation US stock build.
  • WTI Mar 25 is down by 2.7% at $71.4/bbl.
  • US crude inventories rose 4.07mbbl, more than expected but less than suggested in API data, remaining below the five-year seasonal average. API data yesterday showed a large crude stock build of 9mbbl, according to Bloomberg.
  • The move lower in WTI futures narrows the gap to key short-term support and the bear trigger at $70.43, the Feb 6 low. Below here, next support is at $68.05, the Dec 20 ’24 low.
  • Meanwhile, spot gold has edged down by 0.1% to $2,895/oz, leaving the yellow metal almost $50 below yesterday’s record high.
  • A bull cycle in gold remains in play, with sights on $2,962.2, a Fibonacci projection.
  • Copper has rebounded today, with price up by 2.1% at $469/lb, unwinding yesterday’s losses and taking the red metal back to 4½-month highs.
  • Copper futures remain in a bull cycle and the most recent gains have highlighted an acceleration of the uptrend.
  • Price is through $461.24, 76.4% of the Sep 30 ‘24 - Jan 2 bear leg, with sights on $480.00, the Sep 30 high and bull trigger.
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  • Crude has extended losses today after Presidents Trump and Putin appeared to agree to begin talks over ending the Ukraine war, a bearish move for oil markets. This added to existing pressure from an above-expectation US stock build.
  • WTI Mar 25 is down by 2.7% at $71.4/bbl.
  • US crude inventories rose 4.07mbbl, more than expected but less than suggested in API data, remaining below the five-year seasonal average. API data yesterday showed a large crude stock build of 9mbbl, according to Bloomberg.
  • The move lower in WTI futures narrows the gap to key short-term support and the bear trigger at $70.43, the Feb 6 low. Below here, next support is at $68.05, the Dec 20 ’24 low.
  • Meanwhile, spot gold has edged down by 0.1% to $2,895/oz, leaving the yellow metal almost $50 below yesterday’s record high.
  • A bull cycle in gold remains in play, with sights on $2,962.2, a Fibonacci projection.
  • Copper has rebounded today, with price up by 2.1% at $469/lb, unwinding yesterday’s losses and taking the red metal back to 4½-month highs.
  • Copper futures remain in a bull cycle and the most recent gains have highlighted an acceleration of the uptrend.
  • Price is through $461.24, 76.4% of the Sep 30 ‘24 - Jan 2 bear leg, with sights on $480.00, the Sep 30 high and bull trigger.