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Oil Gains Trimmed, Precious Metals Retreat

COMMODITIES
  • Reports of tension between Iran and Israel over the weekend buoyed prices by around 2% during the European session on Monday. Both WTI and Brent crude futures continue to trade in minor positive territory but have reversed the majority of gains. Key resistance levels have capped the price action for both benchmarks.
  • This price action continued the largely rangebound trade that has seen WTI crude close each of the past twelve sessions less than $2 above or below $60 as investors continue to assess the multitude of counteracting factors in play.
  • Precious metals are ending towards the lower end of recent ranges as US yields ticked higher on Monday. Spot gold has also seen the 50-day EMA act as key resistance at $1759.8. This moving average would need to be cleared to suggest scope for a stronger bounce.
  • CRU copper conference was held today. CRU estimates copper project delays of 3-6 months and assumes copper disruption rate 5.5% 2021 vs. 4.7% normally. The headlines had little effect in a subdued session where Copper retreated 0.4%.
Energy BulletsCommodities
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