Latest Commodity Outlook
Where are most Commodity prices heading for the week of 2018 beginning Mon, 28 May 2018 and where do the main opportunities lie?
Oil prices fell sharply last Friday for the week after influential energy ministers said a group of two dozen producer nations could soon begin easing the production limits they put in place last year to drain a global crude glut.
Russian Energy Minister Alexander Novak met with his Saudi counterpart, Khalid Al-Falih, in St. Petersburg to discuss the deal, which has aimed to keep 1.8 million barrels a day off the market since January 2017.
The parties are now considering a gradual exit to that deal to compensate for falling production in crisis-stricken Venezuela and anticipated export disruption from Iran, which faces renewed U.S. sanctions.
U.S. West Texas Intermediate crude prices dropped below $68 a barrel, slipping further from the week’s peak of $72.83, its highest since November 2014.
The contract finished the session down $2.83, or 4 percent, at $67.88 a barrel.
Meanwhile, Brent crude fell $2.42, or 3.1 percent, to $76.37.
The international benchmark for oil prices last week hit a 3½-year high of $80.50, also going back to November 2014.
Brent is down nearly 3 percent this week, on track to break a six-week winning streak. U.S. crude is down almost 5 percent for the week.
Al-Falih is particularly concerned about the impact of oil prices above $80 a barrel on consumer nations like China and India, sources said.
Gold prices meanwhile eased slightly on last Friday after breaking above $1,300 an ounce in the previous session when U.S. President Donald Trump called off a meeting with North Korean leader Kim Jong Un, raising political tensions.
Spot gold was flat at $1,304.23 an ounce and is on track for a weekly gain of 1.1 percent, its biggest since March.
U.S. gold futures for June delivery were 0.07 percent lower at $1,303.60.
Global shares also regained some lost ground after Pyongyang’s measured response to Trump’s announcement, reducing the clamor for gold as a safer asset.
Gold had been trading in a range between about $1,310 and $1,360 since hitting a 1-1/2 year high in January but was pushed lower this month by a strengthening dollar and rising U.S. bond yields, which reduce the appeal of non-yielding gold.
In other precious metals, silver was down 0.03 percent at $16.621 an ounce, on track for a weekly gain of 1.6 percent.
Platinum was 0.07 percent lower at $908.50, up 3.1 percent on the week, while palladium was down 0.21 percent at $972.45 and set for a weekly gain of 1.7 percent.
Where are the opportunities available in the other soft and hard commodities?
You should not be rattled prematurely or be blindsided by short term news on oil and the other commodities.
As we say always, the trend is always your friend for traders. Ignore the daily headline news and focus on the overall longer term trend and momentum.
The commodity basket are always seeing opportunities due to their volatile nature.
What you need to do is to keep track with the least amount of time and effort. And eliminate the conflicting headline news and analysis daily.
Our proprietary algorithm has call the bear market early on and will detect any turns in advance.
The biggest gains come from getting in early on reversal of previous trend and holding on to the prevailing trend.
And there are other trading opportunities awaiting your attention now. Find our more in our elite Commodity reports to members on the global commodities trend.
The attached information below are a small selected extracts only from our exclusive Commodity report for elite members.
For the latest and complete up to-date information, please refer to the daily reports sent out.
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|Prepared by Bulls and Bears Trading Education|
|For Publication||1||PT= Positive Tilt||Neutral means price could|
|Instrument Outlook||NT = Negative Tilt||be just range-bound|
|Instrument||Price||gory||Region||Weekly Call||Daily Call||Price Direction||Price Cycle|
|2||BRENT CRUDE OIL JUN||74.640||Commodity||Brent oil|
|3||ICE COCOA MAY||2851.000||Commodity||Cocoa|
|6||ICE COTTON MAY||85.330||Commodity||Cotton|
|9||LIGHT CRUDE JUN||68.100||Commodity||Light crude oil|
|10||NATURAL GAS JUN||2.771||Commodity||Natural gas||Avoid/Bear||Neutral(PT)||Neutral|
|11||NICKEL APR||923.400||Commodity||Nickel||Hold/Strong Bull||Hold/Bull||Neutral|
|13||CRUDE PALM OIL MAY||2378.000||Commodity||Palm oil|
|20||SOYABEAN OIL MAY||30.430||Commodity||Soyabean oil|