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Global Commodity Technical Analysis Report

Winter started and its recovery time for commodities, one commodity is expected to bounce back from its support level – Corn Global Commodity Market Wrap-Up

Jan 09, 2024

Last week, commodities prices witnessed a mixed reaction with profit booking in metals and a rally in energy. Gold prices price eased from its peak levels, losing momentum and settled with a weekly loss of ~0.97%. Moreover, Silver losses ~3.06% and other base metals also seen profit booking. Base metals ended in a negative gain last week, Lead and Zinc prices witnessed a weekly loss of ~3.59% and ~0.50% and Copper ~1.12%. 

On the Energy front, Natural Gas prices continues its rally and settled at a weekly gain of 15.08%. Moreover, Crude Oil prices settled with a weekly gain of 3.01%. Meanwhile, agricultural commodities prices also closed on a negative note, but Sugar managed to give a positive close of 2.58%. 

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As the holidays are over and volume is expected to increase in the current week. Most commodities are trading with a negative tone. The precious metals prices are trading in a negative direction. On the energy front we have seen a good recovery from lower levels, Corn is near to its support level and expected to give a reversal from its bearish momentum. However, Crude Oil prices are trading in range bound zone with positive momentum. The agricultural commodities basket is trading in a negative tone also.  

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