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#forexbreakfast Commodities – 14/02/2022


Today is a volatile day for Brent, which this morning rose on fears of a Russian invasion of Ukraine. Whether or not this event occurs will have a significant impact on the price of oil. Meanwhile, OPEC, EIA and IEA reiterated caution for the rest of the year, while acknowledging that demand is currently strong and supply is insufficient. However, in the event of a nuclear deal, Iranian oil could come in handy, as the country has the potential to rapidly increase production by 1 million barrels a day once sanctions are lifted. Technically, the gradual rise in Brent prices continues as they approach the static resistance of $96.75/b with negative daily divergences.

Source: https://www.tradingview.com/chart/?symbol=TVC%3AUKOIL



Metal prices were volatile last week, particularly copper, which was heavily purchased on Wednesday and Thursday. News of record lending from Chinese banks in January raised expectations of increased demand from the Asian giant. However, the rise collided with technical resistance of $10242/t, with prices returning below $10,000/ton on Friday after the release of bullish stocks in Shanghai.



Aluminum reached its highest level since 2008 last week, approaching an all-time high of just under $3400/q over three months of rolling forward. The news of new record Chinese bank loans is the source of the temporary increase in prices, while the subsequent weakness is also linked to an increase in Chinese equities. The LME opened the day higher by more than 2% this morning, due to concerns about a Russian attack earlier this week.

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