commodities4.375 min read
Gold and Oil React to Geopolitical Tensions and U.S. Actions
7 days ago•Source: ING THINK economic and financial analysis | ING Think
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1.7 min•1 year ago
Copper Prices Set to Skyrocket Amid Surging Demand, Says Top Trader
Hedge fund manager Pierre Andurand predicts that copper prices could nearly quadruple to $40,000 per metric ton in the next few years due to surging demand from the global energy transition, including electric vehicles and renewable energy projects. Despite a recent dip in U.S. copper futures, Andurand remains bullish on copper and other commodities like aluminum, while expecting oil prices to remain stable. Macquarie analysts caution that the current copper price rally may be overdone, with a high risk of a sharp correction.
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"Cocoa Prices Surge to $10,000, Easter Treats to Get Pricier"
Yahoo Finance•1 year ago
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Natural Gas Prices Set to Rise Despite Negative Sentiment
FX Empire•2 years ago
More Commodities Stories
Commodities Brace for Busy Week as Gold Prices Slip and Draw Interest
Originally Published 2 years ago — by DailyFX
The weekly forecast for gold is bearish as prices continue to decline after a volatile week, with potential support levels at $1985, $1960, and $1951. Silver's price action also shows a consistent move lower, with support levels at the 50 SMA and the 38.2% Fibonacci level. Oil prices are bullish as OPEC+ extends supply cuts and US demand numbers reach an all-time high, offering optimism for a partial recovery. Resistance levels for oil are at $72.50 and $77.40, with support at $67.
Natural Gas Prices Plummet Amidst Storage Glut and Delayed LNG Facility
Originally Published 2 years ago — by FX Empire
Natural gas is facing downward pressure as it hovers near the 2.54 mark, with a drop below signaling a bearish continuation. The emergence of a larger bearish flag pattern raises concerns about further declines, with potential lower targets at 2.50 and a price range from 2.44 to 2.42. The August 21 swing low of 2.425 holds significance as it represents a higher swing low that defines the rising trend channel, which is now at risk of being broken.
China's Credit Downgrade Sends Shockwaves Through Global Markets
Originally Published 2 years ago — by Yahoo Finance
Copper futures fell as concerns about China's economic outlook and rising debt levels led Moody's to cut its credit outlook for Chinese sovereign bonds to negative. The downgrade has overshadowed optimism about potential interest rate cuts by the US Federal Reserve, which could boost demand. The sentiment issue affecting demand in China has caused a decline in copper prices, despite expectations of tighter global supply. However, if the government provides support to the economy, particularly the property market, it could help revive demand for commodities. Copper futures on the London Metal Exchange dropped 1.2% following the news.
Gold Retreats as US Dollar Strengthens and Crude Oil Declines
Originally Published 2 years ago — by Kitco NEWS
Gold and silver prices are lower due to gains in the US dollar index and losses in crude oil, as well as improved risk appetite in the market. The US stock indexes are higher, while the yield on the US Treasury 10-year note is at 4.428%. The minutes from the last Federal Reserve meeting noted the risk of higher-than-expected inflation and weaker-than-expected US economic growth, suggesting that the Fed will continue to pause on rate hikes. Technically, gold and silver futures have near-term advantages for the bulls.
Gold Prices Surge as Technical Hurdles Fail to Halt Rally
Originally Published 2 years ago — by FX Empire
Gold markets have surged during the week, bouncing from key support levels. However, as the market approaches the $2000 region, resistance is expected. The bond markets in the US continue to offer higher rates, which may limit gold's upside potential. Geopolitical concerns could provide a boost to the gold market, but there is significant resistance between the $2000 and $2100 levels. Short-term back and forth trading is likely, making it challenging for longer-term traders to find clarity.
"Natural Gas Prices Plummet as Support Levels are Tested, Bearish Pressure Persists"
Originally Published 2 years ago — by FX Empire
Natural gas prices are facing bearish pressure as they weaken and breach key support levels, including the 200-Day EMA and the 61.8% retracement. The prices are expected to test lower support levels around 3.04, including the 50-Day EMA and the 78.6% Fibonacci retracement. However, if a bullish reversal occurs from these support levels, higher targets around 3.76 to 3.86 may be reached, including the completion of a rising ABCD pattern and the 23.6% Fibonacci retracement of the prior downtrend.
Precious Metals Market: Gold Retreats, Palladium Hits 5-Year Low
Originally Published 2 years ago — by CNBC
Gold prices retreated to a two-week low as the safe-haven rally driven by Middle East tensions lost momentum, with investors shifting focus to interest rate cues from Federal Reserve officials. Palladium also hit a five-year low, dropping 4.5%, due to concerns of a structural surplus next year and substitution from palladium to platinum. The decline in gold prices suggests reduced investor concerns about geopolitics. Traders also analyzed mixed economic data from China.
Record-breaking Cocoa Price Surge
Originally Published 2 years ago — by Yahoo Finance
The price of cocoa has reached its highest level in 44 years, driven by supply concerns and increased demand. The surge in price is attributed to factors such as adverse weather conditions, political instability in cocoa-producing regions, and rising consumption in emerging markets. This increase in cocoa prices could have significant implications for the chocolate industry and consumers worldwide.
Gold prices fluctuate amid Israel-Hamas war and market uncertainties
Originally Published 2 years ago — by Investing.com
Gold prices fell as safe haven demand paused, following a strong rally due to the Israel-Hamas war. Investors are now watching for any potential spillover into the Middle East region. Higher U.S. rate outlook limits gold's appeal, as it pushes up the opportunity cost of investing in the yellow metal. Meanwhile, copper prices rebounded after hitting a five-month low, with focus on China's GDP data and its impact on copper demand.
"Crude Oil Markets Anticipate Upward Momentum in Price Forecast"
Originally Published 2 years ago — by FX Empire
Crude oil markets have shown a gap at the beginning of the week but have since filled it, indicating a potential recovery. The West Texas Intermediate (WTI) Crude Oil market is finding support on dips, with the 200-Day EMA and 50-Day EMA acting as key support levels. If the market breaks below the 50-Day EMA, a more significant pullback to the $75 level could occur. Meanwhile, Brent markets also experienced a gap to the upside but pulled back. OPEC production cuts are expected to continue impacting supply, and if the $85 level is breached, further upside momentum could be seen, potentially reaching the $87.50 and $90 levels. However, a break below the 50-Week EMA could lead to a drop to the $80 level. Overall, the market is showing signs of a shift from a lack of demand to a lack of supply, with potential for further upward movement in the future.