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#forexbreakfast – Commodities 31/12/2022

BRENT – Brent crude reached a new high since October 2014, breaking through the 88.84 static resistance level at the end of the week. Prices continue to benefit from tensions in Ukraine. OPEC+ meeting is poised to decide on production levels for March, and despite the fact that oil prices are very high, it appears that there is no intention to increase production beyond the 400,000 b/d already planned.

Source: https://it.tradingview.com/chart/?symbol=CURRENCYCOM%3AOIL_BRENT


COPPER – Last week was negative for copper prices, this could be due to the performance of Chinese markets where stocks rose for the third consecutive week and where there could have been position closures by Chinese funds in view of the Lunar New Year celebrations. The short curve has nearly normalized, but the 15-month curve still has a significant negative slope.

Source: https://it.tradingview.com/chart/?symbol=FX%3ACOPPER

On the downside, the critical static supports are at $8893 and $8992/ton. Breaking these levels could have a significant negative impact on copper prices.

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