Commodities Briefing: Hard and Soft
Crude Oil and Metals
Commentary: These commodities look stable in here. PE
NYMEX WTI Crude at 67.53 looks likely to hold below resistance at 68 in here moving down to re-test 66.
ICE Brent Crude at 72.92 looks like it trade within the 73.50-71.00 zone during the next 3 days or more.
Note: Overall seeing ranged sessions for Crude Oil (USO and OIL) during the rest of this week.
Gold at 1202.60 broke below 1st support at 1210 and moved down to re-test 1200. If Key support at 1200 holds might see a rise back to 1225, barring that a fall below 1200 will open up the way to testing 1175 on the Southside. Near term looks Neutral to Bearish in here.
Copper at 2.7265 is trading above 2.70 and may well be ranged within the 2.70-2.85 area for sometime in here. A clear break below 2.70, if it happens will make the Red metal Bearish to 2.65 on the Southside.
Chicago Board of Trade (CBOT) agriculture commodities futures closed mixed Monday, with Soybeans rallying over bargain buying and new demand.
The most active Corn contract for December delivery fell 1.25c, or 0.34% to settle at 3.705 bu.
September Wheat went down 13.25c, or 2.42% to close at 5.335 bu.
November Soybeans were up 7c, or 0.81% to settle at 8.6875 bu.
US Department of Agriculture (USDA) Friday raised its outlook for yield and production in its monthly crop report. As a result, CBOT Corn and Wheat continued their fall Monday.
Wheat futures posted sharp losses as the European market was allowed to react to the USDA’s August report. Agriculture analysts said that wheat futures in Europe were well overbought and a correction ensued.
Meanwhile, Soybean reversed its downturn, boosted by bargain buying and new demand.
USDA reported Monday morning that Mexico purchased 142,500 tonnes of US Soybeans for delivery in the MY 2018-2019 marketing year, which starts on 1 September.
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