Commodities Briefing: Hard and Soft
$GLD, $SLV, $CU, $OIL, $CORN, $WEAT, $SOY
Commentary: Crude Oil moved up Copper and gold fall off. PE
Crude Oil and Metals
Gold and Copper looks weak while crude prices could move up further in the near term.
NYMEX WTI Crude at 67.97, and Ice Brent Crude at 74.74 bot are up sharply after EIA data showed a sharp unexpected decline in the US Crude Oil inventories. The support on Brent Crude is holding in here, and can drive prices to 78 while WTI Crude if moves above 68, could target 72 near term. My view is Bullish in here.
Gold at 1197.70 dipped to 1197 from the 1200 resistance mark on the daily. While the support at 1175 holds, Gold may trade in the 1175-1210 zone.
Note: 1210 is 1st resistance and is likely to hold near term.
Copper at 2.6385 came off from 1st resistance 2.70. While that mark holds, the price of the Red metal could fall to 2.55 or lower near term.
Chicago Board of Trade (CBOT) agriculture futures finished lower Wednesday as large US Corn and Soybean crop prospects drove down prices.
The most active Corn contract for December delivery fell 7.5c, or 2% to settle at 3.6675 bu.
December Wheat went down 2.5c, or 0.46% to close at 5.4525 bu.
November Soybean were down 15.75c, or 1.78% to settle at 8.7025 bu.
The ongoing Pro Farmer Crop Tour has reported above average corn yields in the states of Indiana, Illinois and Nebraska, sending prices lower.
Soybeans continued to fall as well on large crop prospects.
CBOT traders reported funds have sold 4,800 contracts of Soybean and 5,900 contracts of Corn.
CBOT Wheat futures experienced ups and downs Wednesday amid uncertainty over export policies in some Key Wheat-growing countries after adverse weather conditions hit the crops.
Now all eyes are on the crop tour yield figures to be released Thursday night, and trade talks in Washington between the US and China.
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