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Crude Falls, Bearish Corrective Cycle In Copper Persists

COMMODITIES
  • Crude is heading for the US close trading lower today as markets take stock of possible US rate cuts and weaker Chinese economic data.
  • WTI Aug 24 is down 0.6% at $79.7/bbl.
  • China imports of crude oil from Russia and Saudi Arabia fell in June but shipments from Malaysia were up near record levels, according to General Administration of Customs data released over the weekend.
  • For WTI futures, the 50-day EMA gave way during the sell-off late last week, opening the potential for further losses toward $76.95, the June 13 low.
  • Spot gold is currently 0.3% lower at $2,394/oz, although it has bounced off its intra-day low around $2,384.
  • The yellow metal has now pulled back by 3.6% from its record high set last week.
  • The trend condition in gold remains bullish, despite the fade off last-week highs, with initial resistance at $2,483.8, the July 17 high. Initial support is at $2,390.1, the 20-day EMA.
  • Meanwhile, copper has slipped by another 1.0% to $420/lb.
  • Copper is now more than 10.5% below its July 5 high, having hit an intra-day low of $416 earlier in the day, its lowest level since April 3.
  • The bearish corrective cycle in copper futures persists with price now piercing $426.12, a Fibonacci retracement. Key support is at $402.35, the March 27 low.
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