Saxo Bank (Saxo Bank)
Commodities  |  September 06, 2010 10:37:14

Weekly Commodity 35th comment Week - Positive pressure


The overall positive sentiment came last week, commodities in positive zone. Rally for the shares and the sale of state bonds to let the market breathe. These were by then heavily linked with fear and exaggerated fears. Positive impact had better data on changes in the number of jobs outside agriculture in the U.S., overall, it seems, markets took off in a positive momentum through better macroeconomic data.

Overall, the data resulted in positive gains on oil and cereals. Previous negative sentiment, however, led to some pressure on the price of gold, where investors realized profit taking. Long-term upward trend on the daily chart is in force until the price is above $ 1 232 an ounce. Once out of the market uncertainty subsides and investors begin to look for riskier investments, it may happen that the price will again come under pressure   even though the underlying data for this metal are favorable.

Oilthe long run, leaving the weekly minimum and has a positive performance. And despite the fact that oil reserves in the United States rose again. This information typically affects only short-term markets. Long-term trend is still intact. Stock markets and economic sentiment have resulted in increasing expectations about future demand. Form of support provided by the ill-fated oil platform fire in the Gulf of Mexico. Uncertainty about the extraction and production is exported to higher capacity utilization. The fact that oil prices drew level from a low of 71 USD, showed his strength. Further resistance could come at 50 day exponential moving average at $ 76.90. If you break the oil, can grow up to $ 79.20, at least in the short term. $ 71.00 level remains a key support.

Much more attention to themselves but drew story about a possible food shortage. Russia extended the ban on exports of wheat and the next year, which the bull market had another positive effect. This ban resulted in a higher demand for transport Panamax ships (which are often used for grain and coal). The price rebounded from the lows of mid-July under 16,000 and grew to 25 000 For the fourth quarter is expected to further increase prices about 28 to the 000th In particular, maize prices shot up and broke through key resistance at the 414th It seems that the path from here leads only in one direction and the world will adapt to future prices.

Alan Plaugmann, Deputy Head of Listed CFD's & Products

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