Big sell-offs in commodities as supply glut persists
Today commodity as a pack is in big retreat as supply glut and demand weakness continue to weigh on prices. Copper has decisive broken 3 month congestion and dropped to new six year low today. Price is down for seventh c…
Today commodity as a pack is in big retreat as supply glut and demand weakness continue to weigh on prices.
Copper has decisive broken 3 month congestion and dropped to new six year low today. Price is down for seventh consecutive days. Copper is currently trading at $2.16/pound. If weakness in China persists, price could drop as low as $1.85/pound, however a break of $2/pound area won't be easy to come by.
Oil price is down close to 2%, with Brent benchmark leading the way for WTI. WTI is currently trading at $41.8/barrel, lowest level since August. Brent benchmark $44.7/barrel, down close to 2.8% today so far and at lowest level since August. Latest report from OPEC showed cartel production is still we above target at 31.4 million barrels/day.
Precious metal pack too having similar bad day. Gold price is down 1% so far, while Silver is down close to 0.7% for the day so far. Gold price is now to lowest level since July this year.
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