Metals Racing Ahead, Beyond Recent Ranges

Published 08/23/2012, 04:52 AM
Updated 03/19/2019, 04:00 AM

No major directional changes to commodities over the past 24 hours. All the four metal futures have continued to make strong gains, pushing further away from their recent ranges. Copper was the exception: it will probably need some central bank intervention in the shape of additional stimulus to break out of its current range, given the weak Chinese PMI released overnight.

Natural gas continues to consolidate after finding support and negative momentum will be slowing today given current levels. Look out for weekly storage data today at 16:30 CET which often tends to increase volatility (an injection of 40 bcf is expected).

Grain markets are pointing higher with momentum indicators still catching up, especially on wheat.

Look out for cocoa and live cattle as they both continues to loose upside momentum and could be about to turn negative.
Metals Racing Ahead

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