Commodities Briefing: Hard and Soft
Commentary: Almost all major commodities have fallen sharply and trading lower. Near term view is Bearish in here. PE
Crude Oil and Metals
NYMEX WTI Crude at 64.96 is off sharply and looks Bearish near term to 62-60.
ICE Brent Crude at 71.00 sees 1st support at 71-70, while that holds the Southside may be limited in here. But, if WTI Crude falls sharply, it could bring down Brent Crude prices below 70 and lower.
Gold at 1180.30 is almost at 1175 support marks now and it is very important to see if the important support 1175 holds inear term or breaks letting the price of the precious Yellow metal fall lower medium term. A bounce from 1175 is preferred, or the this decliner may well fall to 1150 or lower in the days ahead.
Copper at 2.5940 is off sharply on a dive in the benchmark Chinese stock index. While Copper prices follow the Chinese markets closely, the weakness in the RMB Yuan and Shanghai composite stock index may take Copper prices lower near to medium term. 2.48-2.50 looks like important support now, if it holds, there could be a short bounce in the price of the Red metal into next week.
Chicago Board of Trade (CBOT) agriculture futures finished lower Wednesday amid profit-taking and a stronger USD.
The most active corn contract for December delivery fell 0.5c, or 0.13% to settle at 3.76 bu.
December Wheat went down 9.5c, or 1.69% to close at 5.5175 bu.
November Soybean were down 10.75c, or 1.22% to settle at 8.69 bu.
The latest crop report released by the US Department of Agriculture (USDA) indicated declining crop conditions, which sent CBOT futures more than 1% higher during the prior session.
Profit-taking Wednesday drove down prices.
The firm USD made agriculture products less competitive in global markets, said 1 agriculture analyst.
Trade spats between the US and its partners remained another concern.
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