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#forexbreakfast focus commodity (eng)

Last week, the Bloomberg commodity index closed up 2.1%, the fifth in a row. Non-ferrous metals best sector of the week, with a record rise + 10.3%. The reason for this sharp rise is to be found in the energy crisis which has limited production in some sectors.

In Europe, zinc producers that decide to cut production are increasing. Aluminum at its highest since 2008 above 3,000 $/ t.

Iron fell -2% after fears of lower Chinese demand.

Good week for the energy sector + 1.7%. Brent rose, with OPEC continuing with caution given the uncertainty of demand. Contacts between the EU and Iran have resumed to decide when to resume general talks. TTF gas rose + 6.7% despite Putin’s statements.

The precious metals sector also rose + 1.1%. Very good platinum and silver. Gold was positive. The agricultural sector fell -1%. Soybeans are down -2.3% after the upward revision of US production at a record level. Cotton -3%, sugar -2.4%.

 

Brent

Last week, Brent continued its rise to close to the resistance at 86.74. The negative divergences on the Stochastic are still present. Possible a correction in the near future. On the downside, the supports to monitor are at 81.45 and 78.75. The long-term trend is still on the upside.

Copper

Excellent week for copper, which has broken the bearish trendline that started from the highs of May to the upside. After breaking the resistance at 9462, copper has also broken the 10000 thresholds. The prices seem to be heading towards the resistance at 10525.

On the downside, supports are placed at 9444 and 9975. The daily stochastic is overbought, while the weekly stochastic is still in neutral territory.

 

Zinc

Super week for zinc which, after a record rise, has exceeded the highs of 2018. If prices remain above 3570 this week, the target could be the 2007 high at 4170. The daily stochastic is overbought, while the weekly stochastic is moving in the same direction.

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