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Oil, Copper Extend Gains

COMMODITIES
  • The reflationary cycle persevered, with the Bloomberg Commodity Index rising 1.04% to it's best levels since October 2018.
  • Both WTI and Brent crude futures, shrugged off a largely telegraphed 1.29mln barrel inventory build to extend through Tuesday's best levels. Supportive factors included a big drop off in refinery utilization (likely due to Texas cold snap), with no material drop in implied demand. Prices have consolidated towards the top end of the days range, both up ~2.4% for the session.
  • Copper prices surging again, continuing to make fresh highs since 2011. HG1 futures now above 430 and are currently up 3.3% on the session. With momentum studies bullish (but overbought) and moving average signals also pointing north, further gains are likely near-term. $442.60, the 3% Upper Bollinger Band, appears to have provided some resistance, but a clear through here opens up the 2011 highs of 464.95 longer-term.
  • Precious metals: A bout of USD strength, correlated to a weak open for US equities, led a sharp move lower in both gold and silver. Spot gold dropped over 1% before recovering half of the move to rest just shy of $1800. Spot silver lost over 2% but was underpinned around the $27.25/30 area which has continued to support prices this week. Silver had a more impressive relative recovery and resides up 0.5% for the day.
Energy BulletsCommodities
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