Commodities Briefing: Hard and Soft
Commentary: Hard commodities have risen in here, while that continues, they look Bullish near term. PE
Crude Oil and Metals
NYMEX WTI Crude Oil at 68.57 has room to rise to 72 or higher while trading above 68. Near term looks Bullish for this week.
ICE Brent Crude Oil at 75.72 saw resistance turned support at 75, while that holds, Brent Crude could attempt a run to 78.0-78.5 near term.
Gold at 1211 did rise above 1st resistance near 1210. While it maintains above 1210, the precious Yellow metal could move to 1225-1230 during this coming week.
Copper at 2.70 has to rise above this current mark to continue to 2.85. Failure of the Red metal to rise past that mark sees it moving back to 2.65-2.60.
Chicago Board of Trade (CBOT) agriculture commodities finished mixed Friday, with Wheat futures falling on sluggish export demand for US Wheat despite tightening global supplies.
Corn and Soybean futures stabilized after sharp declines on the week tied to expectations of bumper harvests in the US Midwest.
The most active Corn contract for December delivery went up 1.75c, or 0.48% to close at 3.6275 bu.
December Wheat delivery fell 5.25c, or 0.97% to close at 5.365 bu.
November Soybean delivery added 1.25c, or 0.15% to close at 8.5525 bu.
Sales of US Wheat to overseas buyers last week missed agriculture analysts expectations, dropping to the lowest mark in 6 weeks, according to the US Department of Agriculture (USDA).
Extremely dry weather persists in parts of the EU, Russia, and Australia have curbed global output. Agriculture grain traders seem to be dismissing the weather concerns and are focused on the weak sales report.
Have a terrific week
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