Commodities Briefing: Hard and Soft
Crude Oil and Metals
Commodities at the close in New York Tuesday
- NYMEX WTI Crude Oil -0.3% to 67.05 (USO)
- Gold +0.1% to 1200.60 oz (GLD)
- Copper -1.8% to 2.68 lb (CU)
Commentary: The hard commodities have weakened, while the agriculture commodities have strengthened in here. PE
NYMEX WTI Crude at 67.53 is expected to hold below important resistant at 68 in here and should move down to re-test 66 soon.
ICE Brent Crude at 72.92 looks ranged within the 73.50-71.00 zone for in the next 4 days or so. Overall ranged sessions for Crude Coil is possible for the rest of this week.
Gold at 1202.60 broke below important support at 1210 and has come down to test the psych mark at 1200. If 1200 holds, then see a rise back to 1125, if it does not see a fall below the psych mark at 1200 opening up a test to 1175 or lower. Near term looks Neutral to Bearish for the precious Yellow metal now.
Copper at 2.7265 trades above 2.70 now, and could be ranged within 2.70-2.85 longer. A clear break below 2.70, likely makes the Red metal Bearish to 2.65.
Chicago Board of Trade (CBOT) agriculture commodities futures closed higher Tuesday due to declining crop conditions.
The most active Corn contract for December delivery rose 6c, or 1.62% to settle at 3.765 bu.
December Wheat went up 7.75c, or 1.40% to close at 5.6125 bu.
November Soybean were up 11c, or 1.27% to settle at 8.7975 bu.
The US Department of Agriculture (USDA) Monday released the latest crop report, saying that Corn was 70% good to excellent as of Sunday, down from 71% for the prior week.
About 66% of the Soybean crop earned Top ratings, down by 1 percentage point from 7 days earlier.
The condition of Wheat crop came in about the same.
Meanwhile, bargain hunting drove up the Wheat prices, which dove more than 2% during the previous session
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