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COMMODITIES: Crude Under Pressure, Copper Slides Further

COMMODITIES
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  • Oil prices faced further pressure on Thursday after the Fed signalled fewer rate cuts in 2025 which has supported a stronger dollar.
  • WTI Jan 25 is down by 1.1% at $69.8/bbl.
  • The oil market is widely expected to be in a surplus next year, with JP Morgan analysts predicting that supply will outpace demand by 1.2mbpd.
  • A bearish threat in WTI futures remains present, with eyes on $65.57, the Oct 1 low. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high.
  • Meanwhile, spot gold has risen by 0.5% to $2,599/oz, which still leaves the yellow metal 1.9% lower on the week, amid the more hawkish Fed outlook.
  • Looking ahead, analysts at Saxo bank still believe gold will remain a crucial element in stabilising investment portfolios next year, as global uncertainties stay high.
  • From a technical perspective, yesterday’s move lower in gold undermines a recent bullish theme. A resumption of weakness would signal scope for an extension towards the key support at $2,536.9, the Nov 14 low. Initial pivot resistance is $2,645.4, the 20-day EMA.
  • In contrast, copper has fallen by a further 1.8% to $408/lb, extending losses since last Thursday’s high to almost 6%
  • The red metal is set to close at its lowest level since Aug 9, following the mixed Chinese data on Monday.
  • A bearish trend condition in copper futures is intact, with attention on $401.35, the Aug 7 low and a bear trigger.
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  • Oil prices faced further pressure on Thursday after the Fed signalled fewer rate cuts in 2025 which has supported a stronger dollar.
  • WTI Jan 25 is down by 1.1% at $69.8/bbl.
  • The oil market is widely expected to be in a surplus next year, with JP Morgan analysts predicting that supply will outpace demand by 1.2mbpd.
  • A bearish threat in WTI futures remains present, with eyes on $65.57, the Oct 1 low. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high.
  • Meanwhile, spot gold has risen by 0.5% to $2,599/oz, which still leaves the yellow metal 1.9% lower on the week, amid the more hawkish Fed outlook.
  • Looking ahead, analysts at Saxo bank still believe gold will remain a crucial element in stabilising investment portfolios next year, as global uncertainties stay high.
  • From a technical perspective, yesterday’s move lower in gold undermines a recent bullish theme. A resumption of weakness would signal scope for an extension towards the key support at $2,536.9, the Nov 14 low. Initial pivot resistance is $2,645.4, the 20-day EMA.
  • In contrast, copper has fallen by a further 1.8% to $408/lb, extending losses since last Thursday’s high to almost 6%
  • The red metal is set to close at its lowest level since Aug 9, following the mixed Chinese data on Monday.
  • A bearish trend condition in copper futures is intact, with attention on $401.35, the Aug 7 low and a bear trigger.