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Crude Rises, Copper Falls For Eighth Consecutive Session

COMMODITIES
  • Crude markets are maintaining gains during US hours after a larger than expected draw in US crude inventories according to the EIA weekly petroleum data.
  • WTI Sep 24 is up 0.8% at $77.6/bbl.
  • Key support for WTI futures sits at $72.23, the June 4 low. Initial key resistance to watch is $83.58, the Jul 5 high, and a break and close above this level is needed ahead of any test on the $84.36 bull trigger.
  • Meanwhile, Henry Hub is trading lower today with downside pressure from strong US production levels and a slight reduction in expectations for near-term demand.
  • US Natgas Aug 24 is down 3.3% at $2.11/mmbtu.
  • Spot gold is currently down by 0.1% at $2,409/oz today, having traded as high as $2,432 earlier in the session.
  • The medium-term trend for gold still points higher and 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 $2,393.8, the 20-day EMA.
  • Meanwhile, copper remains under pressure amidst concerns about Chinese demand, with the red metal down another 1.7% to $409/lb today.
  • Copper has now fallen for eight consecutive sessions and is down by 13% since July 5.
  • For copper, the bearish corrective cycle persists, with attention on key support at $402.35, the March 27 low.
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