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COMMODITIES: WTI Falls, Copper Pierces Resistance At 50-Day EMA

COMMODITIES
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  • Crude has extended its losses today after EIA crude stock changes came as expected and product inventories saw large builds.
  • WTI Feb 25 is down by 1.3% at $73.3/bbl.
  • The trend structure in WTI futures remains bullish, despite today’s correction, with sights on key short-term resistance at $76.41, the Oct 8 high. Initial support is seen at the 20-day EMA, at $71.32.
  • Spot gold has edged up by 0.3% to $2,657/oz, albeit it is off the session highs of $2,670, which marked the highest level for the yellow metal since Dec 13.
  • A bear threat in gold remains present despite the latest recovery. However, a strong climb would signal scope for a move towards resistance at $2,726.2, the Dec 12 high.
  • Meanwhile, copper has rallied by a further 1.7% to $427/lb, taking the red metal to its highest level since Dec 12.
  • The move comes as Codelco announced a $1.5bn USD-bond issuance to help fund record investments. It will offer two benchmark-size tranches of about $750mn each, one maturing in 10 years and the other in 30 years, according to people familiar with the matter.
  • A bearish trend condition in copper futures remains intact and the latest recovery appears corrective.
  • However, price has traded through the 50-day EMA, at $420.33, exposing key short-term resistance at $433.50, the Dec 12 high. A break of this level would highlight a reversal. 
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  • Crude has extended its losses today after EIA crude stock changes came as expected and product inventories saw large builds.
  • WTI Feb 25 is down by 1.3% at $73.3/bbl.
  • The trend structure in WTI futures remains bullish, despite today’s correction, with sights on key short-term resistance at $76.41, the Oct 8 high. Initial support is seen at the 20-day EMA, at $71.32.
  • Spot gold has edged up by 0.3% to $2,657/oz, albeit it is off the session highs of $2,670, which marked the highest level for the yellow metal since Dec 13.
  • A bear threat in gold remains present despite the latest recovery. However, a strong climb would signal scope for a move towards resistance at $2,726.2, the Dec 12 high.
  • Meanwhile, copper has rallied by a further 1.7% to $427/lb, taking the red metal to its highest level since Dec 12.
  • The move comes as Codelco announced a $1.5bn USD-bond issuance to help fund record investments. It will offer two benchmark-size tranches of about $750mn each, one maturing in 10 years and the other in 30 years, according to people familiar with the matter.
  • A bearish trend condition in copper futures remains intact and the latest recovery appears corrective.
  • However, price has traded through the 50-day EMA, at $420.33, exposing key short-term resistance at $433.50, the Dec 12 high. A break of this level would highlight a reversal.