Commodities Briefing: Hard and Soft
$GLD, $SLV, $CU, $OIL, $CORN, $WEAT, $SOY
Commentary: Again, Crude Oil prices have risen on indication that the Iran sanctions could limit supply globally without possibly hurting the demand from China. But the prices face rejection from resistance at these marks yet this week and next. With the EIA report Wednesday stating a decline in the domestic supply by 2.6-M bbl for week ended 24 August, some analysts feel that the data could tilt the Crude Oil prices to Bullishness near term. PE
Crude Oil and Metals
NYMEX WTI Crude Oil 70.24 looks Bullish and has room to rising to 72 before coming off near term. In the longer run, WTI Crude Oil looks more Bullish than Brent to me.
ICE Brent Crude Oil 77.95 has risen to 1t resistance above 78, and is likely to hold near term, bringing back the prices down to 76-75 in the next week.
Gold at 1207.80 is likely to remain below 1225 , but above Psych support at 1200 in here, there there is a chance for the precious Yellow metal to retest 1180 some time next week.
Copper at 2.69 has tested at major resistance and is coming off from there now. While below 2.70, the price of the Red metal may fall to 2.65-2.62 near term.
Chicago Board of Trade (CBOT) agriculture commodities finished mostly lower Thursday, with Wheat and Soybean futures falling as investors turned to selling ahead of the MY (marketing year) ending.
The most active Corn contract for December delivery was Unchanged at 3.565 bu.
December Wheat delivery dropped 6.75c, or 1.25% to close at 5.35 bu.
November Soybean delivery fell 4.5c, or 0.54% to close at 8.315 bu.
Agriculture commodities markets are not impressed with the weekly export sales numbers, traders said.
Thursday, the US Department of Agriculture (USDA) released its Weekly Export Sales Report. Wheat and Soybean sales fell within trade expectations while Corn fell to the bottom of traders expectations.
For the week ending 23 August, US private traders exported 15.2-M bu of Wheat, 27.6-M bu of Corn, and 25.8 bu of Soybean, according to USDA report.
Have terrific weekend