#forexbreakfast focus comodity (eng)
The week still up for the Bloomberg Commodity index + 2%, although unlike last week it was not a generalized rise. Industrial metals sector -1.9%. In China, the Tangshan authorities’ proposal (one of the largest steel hubs in China) to reduce the restrictive measures concerning steel mills has been rejected. However, a weekly report will be made to monitor any changes. Copper fell -3.2% with Chinese demand appearing weak. Aluminum -1.2%. Strong rise for iron + 11.4%, which, in a context of strong demand has benefited from the news of a strike in the Vale SA mine in Canada. The precious metals sector also fell -0.6%. Gold suffered profit-taking, which was then partially offset by the rebound after the US macro data. The best sector of the week has been the energy sector + 4.2%. Brent at a high in 2021, which has benefited from the rising demand outlook for the summer. OPEC + had postponed any decisions on the change of production until after July. European gas ETT + 3.5%. Good week for the agricultural sector + 3.5%. Soy + 3.5%, wheat + 3.7%, corn + 4%, cotton + 4.5%.
Excellent week for Brent, at its highest since 2019, has closed in the 71.75 area. If on Friday it closes above this resistance it would be a sign of strength with a possible target of 75 areas. While a close below 71.75 area. It could lead to profitable closings. The oscillators are both overbought.
Last week the possibility of a consolidation phase was signaled; that event occurred. Prices are back below the 1900 area, going down to the 1867 area, and then tracked down. The decline did not touch the 1835 level where the bearish trendline passes which was broken upwards.
After testing the resistance at 10369, copper prices fell below 10 thousand. On the upside, the two resistances to be monitored are at 10369 and 10525. On the downside to monitor are the values of the uptrend line which passes to 9700. If this support is broken, the next would be at 9403.