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Copper, Crude Oil Lower as Slowdown Fears Intensify

By Ilya Spivak

April 23, 2012 • Reprints

Commodity prices are on the defensive as risk aversion grips financial markets after China’s manufacturing sector shrank for the third consecutive month while the preliminary set of April’s euro-zone PMI figures printed sharply below expectations, rekindling global growth fears. Cycle-sensitive crude oil and copper prices are following shares lower while gold and silver are facing de-facto selling pressure as the risk-averse mood drives haven demand for the US dollar. S&P 500 stock index futures are down over a full percentage point ahead of the opening bell on Wall Street – pointing to more of the same ahead – and an empty economic calendar seemingly assures no major pitfalls to derail momentum.

Comex E-Mini Copper (NY Close): $3.698 // +0.070 // +1.93%

Prices are testing through rising trend line support set from early October, a barrier reinforced by the 50% Fibonacci retracement at 3.606. A break downward exposes the 61.8% level at 3.516. Near-term resistance lines up at 3.696, the 38.2% Fib.

 

WTI Crude Oil (NY Close): $102.27 // -0.40 // -0.39%

Prices remain wedged between resistance at 104.90 and a rising trend line support set from mid-December, with a Bullish Engulfing candlestick pattern arguing for an upside bias. A break above 104.90 exposes falling trend line barriers at 105.21 and 106.42. Support is now at 101.58.

 

Page 1 of 2
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About the Author

Ilya Spivak is San Franciisco-based currency strategist for DailyFX.

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