#forexbreakfast focus commodity (eng)
Last week the Bloomberg commodity index closed against the trend of the global situation. Despite the advance of infections around the world, the index closed the week with + 0.3%.
The energy sector has declined by -2.6% mainly due to fears regarding future demand.
Weak performance for oil, penalized by the rise of drilling in the United States, and by the expectation of a greater increase among the expectations regarding Libyan production.
The agricultural sector rose significantly + 2.7%, driven by corn + 4.3% and soybeans at their highest levels since 2016, due to high Chinese purchases and crop problems in the USA and Brazil. Wheat also rose + 1.2% to its highest levels since 2014. Cotton and sugar performed well, while coffee fell.
The industrial metals sector returns to rising + 1.5%. Copper has reached the $ 7000 / ton mark due to returning fears of supply in Chile and good Chinese macroeconomic data. Excellent performance for zinc increased by 4%. After three consecutive weeks of rising, aluminum has succumbed to profit-taking. A second week down for iron -1.6% following a possible increase in supply and fears about weak demand due to the pandemic.
Precious metals close almost in parity + 0.2%. Gold closed almost unchanged while silver, palladium, and platinum closed higher.
It was a relatively weak week for oil prices, even though they remained above the support located at 40.26. Below it passes the most important support located at 37.85.
On the upside, the resistance at 43.80 is to be monitored.
The daily oscillator signals an overbought situation, so the decline could continue.
A stable week for gold, which remained around $ 1900 / ounce.
The daily oscillators remain in neutral territory.
On the upside, the first resistance level to monitor is in 1939, a value that has already been reached twice this month, but without exceeding it. On the downside, however, the support to be monitored is at 1823-1806.
Excellent week for copper which, after overcoming two resistances, reached 7020, but without exceeding it.
The daily and weekly indicators are both overbought. Possible profit-taking is expected in the coming weeks.
On the downside to monitor is the old September high at 6837. On the upside, the first resistance to be monitored is at 7331.