#forexbreakfast focus commodity (eng)
Good week the Bloomberg commodity index, that has closed up 0.8%. The best sector of the week was the energy sector driven by the rise in US natural gas. The energy sector gained 3.3%. US natural gas closed up 7.2%, on the back of production problems at the Gulf of Mexico plants due to Hurricane IDA. Similar rise for the European natural gas TTF. It has reached new highs in the wake of fears about the offer with the arrival of the winter season. Closing up also for Brent, which benefited from the decision of OPEC + to increase production by 400,000b / d. the next meeting is set for 4 October. Crude opens lower today, which was affected by the Saudi decision to discount $ 1.3 per barrel to Asian customers. The second-best sector of the week was industrial metals. Aluminum has reached new highs since 2011, after Chinese exhortation to its local governments not to offer more subsidized prices on energy to producers. Fears of a drop in supply are thus increasing. The rise continues this morning after new tensions in Guinea that could affect the production of bauxite. The agricultural sector is bad -2.2%. Corn -5.4%, soy -2.4%. The blockade of the port of New Orleans following hurricane IDA also affected this sector.
Brent consolidation week closed near the bearish trendline at 74. Only a break of the bearish trendline could give more strength to the bullish movement. However, the daily oscillator still marks overbought. On the downside, the first supports are at 67.83 and 64.60.
Consolidation week also for copper. After breaking the resistance at 9415, copper closed in that area without being able to go further. Second consecutive week in which copper failed to return above the bullish trendline broken in mid-August. On the downside, the levels to be monitored are at 8813/8893. On the upside, the first level stands at 9620.
New highs since 2011 for aluminum, that has reached 2700 area. The trend remains set to the upside, even if the first signs of excess are visible. Both oscillators are in the overbought zone. On the upside, the first resistance to monitor is the 2011 high at 2792. On the downside, the first support to monitor is at 2615.