#forexbreakfast focus commodity (eng)
The week was still up for the Bloomberg commodity index, albeit with divergent trends between the various sectors. The worst sector of the week was the energy sector -2.6%. The main cause of this collapse is attributable to US natural gas, which fell by more than 11%, while other petroleum products ended the week up. News on vaccines has pushed positive expectations for demand, driving up the price of crude oil. On the other hand, the number of drillings has dropped for the first time since September. The collapse of gas is attributable to expectations of low demand. Due to a milder than expected climate. The precious metals sector also falls -1%, above all gold showing weakness. Silver is also down. On the other hand, platinum rose sharply + 6.8% due to strong expectations for 2021. On the other hand, the industrial metals sector rose + 3.9%. Copper rose + 3.9%, at its highest for over two years, thanks to positive expectations related to the vaccine and Chinese stocks at their lowest since 2014. Aluminum also increased + 3.3%, zinc + 6.3% and nickel + 1.6%. A positive week also for the agricultural sector, with soy at its highest in 4 years. Cocoa rose sharply, + 14.7%, marking its best week since 2001 due to tensions in West Africa, the main production area in the world.
The week was up for Brent, which closed above 45. The resistance at 46.53 seems to aim. The indicators are in the same situation as last week. The Daily is overbought, while the weekly remains neutral. On the downside, support at 43.30 and subsequently at 41 remains to monitor.
Last week, gold consolidated the low end of the trading range of the past weeks. The indications are the same as last week. The media to monitor remains in 1806 (most important). 1822 and 1843. On the upside, the reference resistance remains that of 2002 and 1966.
The week was up for copper, which passed the resistance at 7020, reaching the 7331/7365 area. The situation remains strongly overbought. Therefore, this last resistance could temporarily slow down the copper run, otherwise, it could reach up to 8000 area. On the downside in the case of a decline, the areas to be monitored remain at 6600 and 6700