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Global Commodity Technical Analysis Report

Commodities Market Rally Resume, One Commodity Expected Break Resistance Level – Aluminium

May 16, 2024

AL
Investment Type
Commodity
Risk Level
Action
Rec. Price (US$)

Global Commodity Market Wrap-Up

Last week, there was a significant turnaround in metal commodity prices as they surged upwards, attracting considerable buying interest. Gold particularly showed strength, posting a notable gain of 2.88%. Silver followed suit, experiencing a robust increase of 6.80%. Among base metals, copper saw a modest rise of 1%, while zinc maintained its positive momentum, gaining by 0.65%. However, lead was the outlier, experiencing a slight loss of -0.27% despite the overall bullish trend in the market. This shift marks a reversal from the previous week's downturn, signaling renewed optimism and investor confidence in the metals market.

Last week, Natural Gas prices continued their upward trajectory, posting a notable gain of 2.81%. This recovery marks a significant turnaround from the previous week's performance, reflecting improved market sentiment and demand dynamics. On the other hand, Crude Oil prices experienced a marginal increase of 0.10%, indicating some stability after the previous week's decline, although tensions in the global landscape remained subdued. Additionally, US Sugar saw a modest gain of 0.10%, contributing to the positive momentum in agricultural commodities.

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