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Global Commodity Technical Analysis Report

Commodities Market Rally Stop, One Commodity Expected Hold Support Level – US Cotton No. 2

Jul 16, 2024

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

Global Commodity Market Wrap-Up

Last week, metal prices maintained their mixed momentum after a period of significant profit-taking. Gold demonstrated resilience, achieving a gain of 0.96%, while silver declined by -1.66%. Base metals followed this down trend, with copper down by -0.79% and zinc by -2.20%. Lead, however, diverged slightly from this pattern with a minor decrease of -1.86%. This varied movement contrasts with the previous week's stable prices, suggesting bullish momentum and highlighting investor confidence and optimism in the metals market.

Last week, Natural Gas prices saw a notable downturn, marking a significant loss of -0.81% from their recent upward trend. This decline reflects a shift in market sentiment, possibly influenced by adjustments in supply dynamics or seasonal demand factors. In contrast, Crude Oil prices also decreased significantly by -1.51%, indicating evolving market confidence. Additionally, US Sugar experienced a minor decline of -0.84%, contributing to negative momentum in agricultural commodities.

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