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Oil Extends Weekly Gains, Copper Breaches $10,000

COMMODITIES
  • Crude benchmarks rallied throughout the European session to their best levels since mid-March. As New York sat down, a sell-off in US treasuries halted the momentum, however both WTI and Brent futures have advanced ~1.75% on Thursday, posting a third consecutive day of gains.
  • The renewed optimism has largely been attributed to the stronger outlook for global demand following the OPEC+ meeting and the modest upgrade to the FOMC statement's interpretation of the risk outlook.
  • US yields were on the march again and as the US dollar recouped session losses, precious metals retreated. Spot gold had an aggressive move lower from $1,780 to lows of $1,756.23 coinciding with the US 10-yr yield breaching 1.68%. Losses were pared into the close, however, bullion resides 0.75% lower on Thursday at $1,768.50 an ounce.
  • A close below support at $1763.4, the 50-day EMA would be a technically bearish signal to what remains a bullish outlook overall.
  • Copper briefly touched above $10,000-a-metric-ton. The psychological milestone was enough to prompt a quick reversal and prices are currently 0.4% lower for Thursday's session.
  • Interestingly, analysts note that speculative positioning is not back to record highs which could suggest further gains are in the pipeline. Focus going forward will be on its all-time high of $10,124, which it hit in February 2011.
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