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Crude Loses Ground, Copper, Iron Ore Slip Further

COMMODITIES
  • Crude is ending the day on track for its lowest close since June 10. Pressure comes from continued ceasefire talks between Israel and Hamas, while demand concerns are offsetting potential supply risks from Canadian wildfires.
  • WTI Sep 24 is down 1.7% at $77.1/bbl.
  • 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 broader commodities complex also remained soft today, most notably in iron ore and copper, which slipped to multi-month lows, amid a lack of major policy support in China following the Third Plenum.
  • Copper is down another 0.9% to $416/lb, while iron ore has fallen by 1.0%, both to their lowest levels since early April.
  • For copper, the bearish corrective cycle persists with price now below the Fibonacci retracement at $426.12. Key support is at $402.35, the March 27 low.
  • By contrast, spot gold has edged up by 0.3% to $2,404/oz.
  • Despite the pullback across the second half of last week and on Monday, the medium-term trend for gold still points higher.
  • The previous breach of key resistance at $2,450.1, the May 20 high, opens the $2,500.00 handle next. Initial support is at $2,391.7, the 20-day EMA.
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