Commodities Briefing: Hard and Soft

Commodities Briefing: Hard and Soft

Commodities Briefing: Hard and Soft

$GLD, $SLV, $CU, $OIL, $CORN, $WEAT, $SOY

Commentary: Crude prices dipped after news of unexpected gains in the US stockpiles was reported by the API dat. Overall medium term looks Bullish while trading above current support marks.  PE

Crude Oil and Metals

NYMEX WTI Crude Oil at 68.58 and ICE Brent Crude Oil at 75.99 now look Bullish to 70 and 78 levels near term while immediate support near current marks hold.

Gold 1209.50 tested an intra-day high near 1220 Monday but has come off from there. Trade in the 1230-1200 zone looks to  be possible near term, but with a chance to test to 1190 on the downside. Overall medium term the precious Yellow metal looks Bullish to me.

Copper at 2.7285 is Bullish to 2.85 while it is trading above 2.70. There could be a dip in the price of the Red metal before the price rises to again 2.85 medium term.

 

Agriculture Commodities

Chicago Board of Trade (CBOT) agriculture commodities finished mixed Tuesday, with Soybean futures falling over 1%, and the benchmark November contract on the Chicago Board of Trade hitting a 1-month low on expectations of a bumper US harvest and uncertainty about demand.

The most active Corn contract for December delivery went down 5.25c, or 1.45% to close at 3.5625 bu.

December Wheat delivery rose 0.75c, or 0.14% to close at 5.2325 bu.

November Soybean delivery dropped 15c, or 1.77% to close at 8.3325 bu.

Corn futures followed Soybean lower while Wheat futures rose on global production concerns and Egypt seeks supplies.

Adverse weather in several producing areas including Germany, France and Ukraine has curbed prospects for global production in recent weeks.

The US Department of Agriculture earlier this month pegged global output at 729.6-M tonnes, down from a prior outlook for 736.3-M tonnes, lowering production prospects in the European Union by 8-M tonnes.

On the demand side, Egypt is reportedly seeking to purchase Wheat from global supplies.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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