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WTI Crude Edges Down, Copper Pares Gains Amidst Recovery In Chile Production

COMMODITIES
  • Crude has fallen back today but is within the current three-day range. Oil has struggled for clear direction this week, although WTI is still on track for a 1.0% rise.
  • WTI Aug 24 is down by 0.2% on Friday at $81.6/bbl.
  • Meanwhile, spot gold is broadly unchanged at $2,328/oz today, leaving it marginally higher on the week.
  • A bear threat in gold remains present and the yellow metal continues to trade closer to its recent lows.
  • A clear break of the 50-day EMA, at $2,318.4, would open $2,277.4, the May 3 low. Initial firm resistance is $2,387.8, the Jun 7 high.
  • Silver has pared gains following this afternoon’s US PCE data, leaving it up by 0.8% at $29.2/oz.
  • Support in silver at $28.659, the Jun 13 low and bear trigger, was pierced this week. A clear break of it would strengthen a bearish theme and open $27.971, the May 13 low. First resistance to watch is $30.853, the Jun 21 high.
  • Copper has also pared gains from its intra-day high of $442.8/lb, and is currently 1.1% higher on the day, at $439.6/lb.
  • In Chile, the world’s largest supplier of the red metal, data today showed that copper production was up 8.1% y/y in May, reaching its highest level this year. The government is looking for a 5% increase in output this year amidst on-going mine expansion.
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