Despite the continuing rise in prices of black gold, the fundamental factors are negative
Market Overview oil 09.06.09
Dynamics
Tuesday quotes black gold again went on storming heights, and this they succeeded. The new wave of weakening U.S. quotes oil exceeded 70 dollars.
At the New York Stock Exchange NYMEH cost of the July futures on U.S. light crude oil rose by 2.35 marks the dollar. Thus, its price was 70.44 dollars per barrel.
The July futures on oil brand Brent rose to 69.46 dollars per barrel.
Causes
The main reason for rising prices for raw materials - to save the optimism at the global sites, as well as pressure on the dollar. Against this backdrop, denominated in U.S. assets continue to grow even without the existence of any clear fundamental reason. Given the negative trends in U.S. oil futures quotes are likely to continue climbing.
What to expect?
Passage of $ 70 per barrel continues to indicate the strength of bulls on oil. In the case of today's closing and confidently consolidate above that mark, the next aim of the rising levels of traffic may be near 78 dollars. Technically, this level is a strong resistance, as is taking place near the 38% correction from the fall of last year with a historic heights.
What is fear?
Despite the continuing rise in prices of black gold, the fundamental factors remain very negative. Oil States to continue to grow, and over the last year they increased by 59.2 million barrels, a record for the past 27 years. Not believing his happiness OPEC naperegonki started to build up production, despite its own earlier decision on the quotas. In May, production in the countries of the cartel took off immediately to 1.5% versus April. Thus, the price continues to disengage from a fundamental level, and this is unlikely to end happily.
Review precious metals market for 09.06.09
Dynamics
Quotations of precious metals rose. At the end of the day on the gold spot market reached a mark of 955.00 dollars per troy ounce, while silver was restored to a point 15.20 dollars per ounce. However, this is slightly lower than the intraday peaks located at 961.50 points and 15.35 dollars.
Causes
The biggest influence on the quotations of precious metals had a falling U.S. dollar. In addition, the increase in commodity prices, particularly oil and base metals prices also supported the sector market. However, in the course of the day the growth was stopped by technical sales approaching the mark of gold to 960.00 dollars per ounce, and silver - to 15.35 dollars.
What to expect?
The influence of the dollar to remain the dominant market for precious metals, and, given the difficult situation surrounding the dollar, short-term prospects for precious metals are mixed. If the U.S. currency will continue to decline, gold and silver will probably rise. However, in the case of the strengthening dollar profit for the fixation of open long positions in precious metals will continue.
Technically, the situation will improve in gold if he would overcome the resistance in the area of 960.00 dollars. Key support is located on the approach to 940.00 dollars. For similar levels of silver are in the areas of 15.35 and 14.75 dollars.
What is fear?
It remains, enhancing the dynamics of the restoration of the dollar is the main threat to the quotation of precious metals.
non-ferrous metals market review for 09.06.09
Dynamics
Tuesday quotes of non-ferrous metals have shown impressive growth. Like many other commodities in this day had been updated the previous local maximum on a background of continuing decline in the dollar the international currency market.
At the London Metal Exchange LME aluminum closed at a price of 1598.50 dollars per ton.
Copper at the close of the Exchange cost 5046 dollars per ton.
Nickel in the tender price was 14630 dollars per ton.
Causes
The pressure on the dollar rising, but an attempt to gain, undertaken last week, has not received further development. In this regard, the trend of past weeks have been further developed, and the quotations of assets denominated in dollars, continued its growth.
What to expect?
Nickel quotes slowly but surely moving to the next level of resistance, which is located close to 16100 dollars per ton. Copper the key rate could be the price in 5840 dollars per ton. And in aluminum prices may gradually move closer to the level of 17,000 dollars per tonne.
What is fear?
voltage areas in the world remains high. Correction for many types of assets and is not implemented or was in a small lateral canal, which increases the likelihood of a deeper correction in the future. During the summer months, liquidity in global markets is reduced, thus increasing volatility.
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