MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

WTI Futures Slide 1.6%, Copper Extends Pull Lower

COMMODITIES
EM BulletHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • Crude markets are falling today despite a larger than expected draw in US stocks, coupled with expectations of OPEC+ rolling over its voluntary cuts. Pressure comes from a bleaker demand outlook, emphasised by the ongoing backdrop of likely delays in Fed interest rate cuts.
  • Markets are looking ahead to the OPEC+ meeting June 2 where the group are widely expected to rollover current cuts into the second half of the year. OPEC+ members who have agreed to voluntary cuts totalling 2.2m b/d are discussing extending them until year-end, Reuters said, citing sources within the bloc.
  • WTI JUL 24 is down 1.6% at 77.99$/bbl at typing. The trend direction remains down, and the recovery from earlier in the week appears to be a correction - for now. A resumption of weakness would signal scope for a move towards $75.64, the Mar 11 low. Initial firm resistance to watch is at $83.63, the Apr 26 high.
  • A mixed picture for precious metals, whereby spot silver has declined 2.35%, once again unable to hold above the psychological $32 mark which has provided resistance across much of May. Gold is clinging on to a modest uptick on the session as the medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind. Moving average studies are in a bull-mode position, highlighting an uptrend.
  • Copper futures are extending the most recent strong reversal lower, declining 2.85% on Thursday and taking the late May reversal off the highs to near 10.5%. The contract has traded through the 20-day EMA, and this exposes the firmer support at 453.60, the 50-day EMA. A clear break of this average would suggest potential for a deeper retracement.
285 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Crude markets are falling today despite a larger than expected draw in US stocks, coupled with expectations of OPEC+ rolling over its voluntary cuts. Pressure comes from a bleaker demand outlook, emphasised by the ongoing backdrop of likely delays in Fed interest rate cuts.
  • Markets are looking ahead to the OPEC+ meeting June 2 where the group are widely expected to rollover current cuts into the second half of the year. OPEC+ members who have agreed to voluntary cuts totalling 2.2m b/d are discussing extending them until year-end, Reuters said, citing sources within the bloc.
  • WTI JUL 24 is down 1.6% at 77.99$/bbl at typing. The trend direction remains down, and the recovery from earlier in the week appears to be a correction - for now. A resumption of weakness would signal scope for a move towards $75.64, the Mar 11 low. Initial firm resistance to watch is at $83.63, the Apr 26 high.
  • A mixed picture for precious metals, whereby spot silver has declined 2.35%, once again unable to hold above the psychological $32 mark which has provided resistance across much of May. Gold is clinging on to a modest uptick on the session as the medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind. Moving average studies are in a bull-mode position, highlighting an uptrend.
  • Copper futures are extending the most recent strong reversal lower, declining 2.85% on Thursday and taking the late May reversal off the highs to near 10.5%. The contract has traded through the 20-day EMA, and this exposes the firmer support at 453.60, the 50-day EMA. A clear break of this average would suggest potential for a deeper retracement.