Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Commentary: Concerns about supply disruptions in the Key Copper producing region is driving up Copper prices. Precious metals are stable, Crude Oil prices could rise, might now this week. PE
ICE Brent Crude at 75.36 tested 73.81 before bouncing. While trading above 74, there is room to move to 77-78.
NYMEX WTI Crude Oil at 65.70 traded higher, may see it back to 65.50 near term before moving up again.
Gold at 1297.28 trades within 1285-1310, while support in the 1275-1285 area holds, the precious Yellow metal may try moving up medium term but if it cannot to and past 1310 see a push back to 1275/70.
Copper at 3.1964 broke out of the range (3.05-3.15). News says that the rise is attributed to concerns about the potential supply impact of wage negotiations at the world’s biggest Copper mine. The union at BHP’s Escondida facility in Chile said Friday that it had started the latest round of negotiations with a proposal which includes a bonus of about $34,000 per worker. May see a dip ahead, but overall a rise to 3.30 looks possible now.