#forexbreakfast focus commodity (eng)
Down week for the Bloomberg commodity index, down 2.34%. Almost all the raw materials in it have recorded sales except natural gas. They have been heavily affected by the spread of the epidemic across Europe. The energy sector recorded a -2.8%, among the worst of the week it was penalized by fears related to future demand and the increase in supply in Libya and the United States. Libya particularly has reached 800,000 barrels per day. At the beginning of September, they were about 100,000 per day; by the beginning of 2021, it aims to reach 1.3 million barrels per day. US natural gas, on the other hand, rises + 4.4%. Mainly due to the closure of 50% of the plants in the Gulf of Mexico due to weather. The worst sector of the week was agriculture -3.2%, driven by the decline in wheat -5.4%. The improvement in weather conditions in Russia was the main factor to weigh on the cereal. Corn also fell -5% due to fears that the closure of the business could reduce the demand for ethanol. The precious metals sector fell -2% and the precious metals sector -1.8%. Precious metals were penalized by the rise in US real rates and the strengthening of the dollar, while the decline in industrial metals was mainly due to the slowdown in the world economy.
A week of strongly declining for oil that broke all the supports to get to the area 35 $ / b. The oversold situation suggests a short-term technical rebound plausible.
Declining week for gold that fell below 1900. The short-term trend remains neutral. On the upside, the first resistance to monitor is placed in the 1922 area, then in the 1939 area. On the downside, however, the support area remains between 1823-1806.
The last week was also down for copper. After hitting the 6837 area, it dropped to 6700. A continuation of the downward phase is likely. On the downside, the 6366 area remains to monitor. On the upside, the primary resistance is at 7020.