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Free AccessCrude Futures Rise ~0.70%, Copper Extends Decline
- Crude markets are approaching US close trading around 0.70% higher Wednesday, despite an above-expectation crude stock build. Support is coming from rising product demand, while comments from Israel’s PM appearing to reject a ceasefire deal or a pause in the fighting in Gaza maintains the geopolitical risk premium.
- WTI futures remain soft following last week’s steep sell-off. The move lower undermines the recent bullish theme, and a continuation would expose support at $70.62, the Jan 17 low, and $69.56, the Jan 3 low. For bulls, a reversal higher would be required to refocus attention on the key short-term resistance at $79.29, the Jan 29 high. Clearance of this level would reinstate a bullish theme. Initial resistance is at $76.95, the Feb 1 high.
- For precious metals, there was a spike in spot gold shortly after the cash equity open which was closely linked to further concerns over New York Community Bancorp. XAU/USD rose to a session high of $2044.60, however, the subsequent stabilisation for broader sentiment halted the rally, and price has since moderated back to unchanged (~$2035) as we approach the APAC crossover.
- Copper futures have extended the most recent decline from Jan 31 to 5.33%. The price action echoes an MNI report that growth in Chinese copper demand will slow to 3-4% y/y in 2024, as work on electrical grids and new energy slows. However, policy support for copper intensive housing completions and new energy industries will underpin consumption into late 2025, analysts told MNI.
- Policymakers’ renewed focus on completing unfinished properties and urban village renewal will support demand until next year before decreasing, said He Tianyu, a Shanghai-based senior copper analyst at CRU.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.