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#forexbreakfast focus fcommodity (eng)

Last week the Bloomberg commodity index reached its highest since May 2015, closing higher for the fourth consecutive week, + 1.7%. Good week for the energy sector + 2.7%. Gas TTF and Brent recorded a dichotomous trend. Gas TTF closed 6.4% lower, following the statements of Russian President Putin, who said he was willing to bring record quantities of gas to Europe if necessary. On the other hand, the rise in Brent continues, returning to its highest levels since 2014. Saudi Aramco has quantified the excess demand at about 500,000B / d due to the increased demand for oil to produce electricity.

Excellent week for the non-ferrous metals sector + 4.1%. Iron + 9%. Aluminum at the highest level since 2008 has exceeded the $ 3,000 / t mark.

Flat week for the precious sector + 0.1%. Almost unchanged gold. Good week instead of for platinum and palladium. The agricultural sector, on the other hand, closed moderately down -0.1%. Cotton did well + 5.8% at the highest levels since 2011. Bad week instead of for wheat, corn, and coffee.

 

Brent

After breaking through the resistance at 80.41, Brent is trying to break out of $ 84 this morning. The first notable resistance is the 2018 high at 86.74. The divergences reported by the oscillators, however, lead to hypothesize a reversal in the short term. The long-term trend remains upward. On the downside, the supports to monitor are at 80.41 and 79.08.

Copper

Copper remained within the trading range last week as well. Supports at 8893 and 8813 are becoming more and more important. In case of breakage, the objective could be 8000 area. On the upside, the level to monitor is 9462. If this level will be overcome the next resistance would be at 9909.

 

European gas TTF

Very volatile week for the TTF Gas. After reaching the threshold of  160€/MWh, the prices fell below € 100. From what can be observed, we can say that the maximum has been reached and it will be difficult to return to similar levels. On the downside, the first support is at 78.3, followed by that at 70.

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