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Crude Prices Extend Gains, Copper Falls Towards Fresh Cycle Low

COMMODITIES
  • Crude markets are headed to US close trading higher, supported by a larger than expected draw in US crude inventories according to the updated EIA weekly petroleum data.
  • WTI Sep 24 is up 2.7% at $75.2/bbl.
  • US State Department spokesperson Matthew Miller, commenting on escalating tensions in the Middle East, has told reporters that, "we are in the final stages of a ceasefire deal.”
  • A bear threat in WTI futures remains present, with sights on the next key support at $72.23, the Jun 4 low.
  • Key resistance is seen at $78.88, the Aug 1 high.
  • Spot gold is down by 0.1% at $2,387/oz, keeping it around3.5% below last week’s high.
  • Recent weakness in gold appears to be a correction for now, but the yellow metal has pierced support at the 50-day EMA at $2,375.8, and a clear break would signal scope for a deeper retracement towards $2,277.4, the May 3 low.
  • Silver has fallen by 1.2% today to $26.7/oz, approaching key support at $26.018/oz, the May 2 low.
  • Meanwhile, copper has fallen by 2.2% to $393.9/lb, just above Monday’s cycle low at $393.05, which itself marked the lowest level since March 11.
  • A bear cycle in copper futures remains intact, with the contract breaching $405.57, 76.4% of the Feb 9 - May 20 bull cycle. A clear break of this price point sets the scene for weakness towards $372.35, the Feb 9 low.
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