#forexbrekfast focus commodity (eng)
Last week the Bloomberg commodity index fell by 0.5%. the sectors most affected by sales were the agricultural sector and that of precious metals. On the other hand, the energy sector and that of industrial metals were positive. The two main factors of the week were; first, the increase in cases in Europe and India, second the blockade of the Suez Canal by the Ever Given container ship. The best sector of the week was the energy sector + 0.3%. Flat closure for Brent. Brent was also supported by the news that Opec + would be willing to keep the current production rates also in May. TTF gas instead + 8.3%, some gas carriers remained stationary due to the blockade of the Suez canal. Flat week for industrial metals. Copper -1.1%, aluminum + 1.4%. Given the strong demand, China would be willing to sell some state reserves to calm aluminum prices. The precious metals sector is down -1.5%. Among the worst metals of the week is silver due to the strength of the dollar. The worst sector of the week was agriculture -1.8%. Signs of better weather conditions in the US and Russia caused sales mainly in wheat and cotton.
Brent tried again to push below support at 63.3, but Friday’s rebound brought the price back above support. On the upside, resistance at 66.50 remains to be monitored. The trend is starting to lose strength, as the oscillators signal.
Uneventful week for gold with the price remaining below 1748. The weekly oscillator is oversold. On the downside, the support at 1677 remains to be monitored. If this support were broken, it would be the signal of the breaking of the uptrend that started in 2019.
Uncertain week for copper. Prices tested the support at 8674 and then bounced before closing. Support at 8674 remains to be monitored. Below, the uptrend line passes at 8400. On the upside, the resistances to be monitored are those at 9250 and 9428.
Aluminum reached a new high since 2018, reaching the 2270 area, towards the top of the uptrend channel at 2300. However, the indicators give signs that there may be a pause in the bullish movement. On the downside, support at 2177 remains to be monitored, followed by support at 2072.