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Crude Loses Further Ground, Metals Prices Drop Back

COMMODITIES
  • WTI is headed for US close trading lower again today, as a continued bearish demand outlook and expectations of additional OPEC+ supplies returning from Q4 add pressure.
  • WTI Jul 24 is down 1.3% at $73.3/bbl.
  • For WTI futures, sights are on $71.33 next, the Feb 5 low. Initial resistance is at $76.15, the May 24 low and a recent breakout level.
  • Henry Hub has tracked the easing in European gas prices to be lower on the day. A clear timeline for the Norwegian gas facility repairs has helped to ease upside pressure on European prices today.
  • US Natgas Jul 24 is down 6.5% at 2.58$/mmbtu.
  • Meanwhile, spot gold is down 1.0% at $2,327/oz, despite the softer US labour market data and decline in core yields.
  • Silver has underperformed and has fallen by 3.9% at $29.5/oz, its lowest level since May 17. Silver is now trading within a key support zone between $30.116 - 28.494, the 20- and 50-day EMA values.
  • Copper is down by 2.6% to $455/lb, leaving the red metal 12.5% below its May 20 record high. A sharp rise in inventories, with stockpiles on the Shanghai Futures Exchange at their highest since 2020, suggest that the market is sufficiently supplied.
  • A clear break of support at $454.82, the 50-day EMA would suggest potential for a deeper retracement.
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EM BulletHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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