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#forexbreakfast focus commodity (eng)

The Bloomberg commodity index closed last week with a rise of 1.4%. All commodities rose, except for US natural gas. The risk-on climate generated by the US elections also favored commodities, helped in part by the weakness of the dollar. The precious metals sector rose sharply + 4.9%. In the lead was silver, raised by 9%. After the announcement by the US company Pfizer on the effectiveness of its vaccine, profits have been taken. The industrial metals sector also returned to rise, + 3.1%, in the lead by zinc that marked its new highs since May 2019. The prices of industrial metals are supported by expectations of continued support from central banks, and by a Chinese demand that is still solid, even if in October there was a slowdown in imports. The agricultural sector also rose, + 2.8%, led by sugar and soy. Underlying the rise of both are the adverse conditions in Latin America that could negatively impact supply. The only sector in sharp decline was the energy sector, -4.4%, led by US natural gas -9%. The collapse is due to lower demand due to a milder-than-expected climate on the east coast. Oil, on the other hand, is on the rise, after the declarations of some OPEC + members who seem to want to delay the increase in production scheduled for January.


Raising week was for oil that went well above 40 d / b. An overcoming of the bearish trendline located at 42 $ / b and subsequently of the resistance located at 43.30 could pave the way for a further rise in prices.


Last week it seemed that gold prices had come out of the sideways phase that had characterized the entire month of October, but after Pfizer’s statement, prices have returned to below 1900 levels. The first significant resistance level is around the $ 2,000 mark, while the main support area is between 1823 and 1806.


After touching area 6700, copper started to rise again, towards area 7000. Exceeding this threshold could reinforce the trend, but the most likely scenario would be a consolidation under this area. Attention also to the area between 6600 and 6700, where the uptrend line started by the lows of May passes.

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