#forexbreakfast focus commodity (eng)
Bloomberg commodity index increase for the second week + 2.8%; thanks above all to the good performances of the agricultural sectors + 6.4% and energy + 2.2%. The agricultural sector, the best sector of the week, has benefited primarily from the rise in soybeans + 10.2% and corn + 11.7%. The USDA report highlighted that the share of land destined for these crops has been increasing this year. However, the amount turned out to be lower than expected. In addition, the report highlighted a sharp decline in inventories.
On the energy front, Brent has consolidated at the highest levels since 2018. The Opec + meeting was a failure, no agreement has been reached, and there is no date for the next meeting. The positions between the Emirates and Saudi Arabia are becoming increasingly distant. European gas TTF + 11.5% and US gas + 4.8%. In Europe, the situation remains critical, with Russia not increasing flows to Europe and European stocks remaining low. Modest week for the industrial sector + 0.8%. An excellent week for aluminum at its highest for over ten years. The market seems unmoved, and the inventories that China will sell this week are too low to generate any price changes. Copper -0.3%. A mild week also for the precious sector + 0.6%. Good week for gold and silver, platinum -1.6% and platinum + 5.9%.
Brent prices awaiting the OPEC + meeting fluctuated throughout the week in the 2018 highs area. In the July 5th meeting, no decision has been taken, so the indications remain the same as the previous week. On the upside, the first resistances to monitor are in the 77.91 and 80.41 areas. On the downside, the two supports to monitor are at 73.59 and 71.75.
After reaching 1750, gold regained altitude in the direction of 1800. The stochastic daily is oversold, while the weekly is in neutral territory. On the upside, the two most important resistances are in 1844 and 1895. As long as gold trades above 1676, the trend will be considered upward. In any case, to monitor area 1732, exceeding it would be a first alarm signal.
Consolidation week for copper. At 9000 the long-term uptrend line passes, while at 8893 for now there is the most important static support. On the upside, the resistance to monitor is at 9743. The indicators are in neutral territory.