Aluminium, Brent crude oil prices slip on rising US dollar and China demand concerns as silver price stays side-lined
A stronger US dollar and China demand uncertainties are weighing on the oil and aluminium price while silver price remains stable.
Brent crude oil price slips to 1-month low
The Brent crude oil price is on track for its third straight session of falling prices as demand uncertainties in top consumer China and a rising US dollar weigh on it. Front month futures are revisiting their late June and last week’s lows at 83.71-to-83.70, below which meander the 55- and 200-day simple moving averages (SMAs) at 83.34 and 82.96. These may act as support. If not, the early May low at 81.60 would be eyed.
The July resistance line comes in at 85.06 and while below there, downside pressure should prevail.
Silver price remains side-lined
The spot silver price continues to trade sideways below its $31.49-to-$31.75 per troy ounce July peaks while remaining above its 5 July low at $30.13.
A rise above the 11 July high at $31.75 is needed for the $32.51 May high to be back on the map whereas a fall through $30.13 may lead to the 55-day SMA at $29.79 and the May-to-July uptrend line at $29.50 being revisited.
Aluminium price drops to 3-month low
The price of aluminium has now fallen through its 2,470 mid-June low and is trading at a 3-month low with the December-to-January highs at 2,399-to-2,398 representing a possible downside target zone.
Immediate bearish pressure should be maintained while no rise above the last reaction high on the daily candlestick chart, made on 11 July at 2,508, is seen.
The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.
React to volatility on commodity markets
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
See opportunity on a commodity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on a commodity?
Don’t miss your chance. Upgrade to a live account to take advantage.
- Analyse and deal seamlessly on fast, intuitive charts
- Get spreads from just 0.3 points on Spot Gold
- See and react to breaking news in-platform
See opportunity on a commodity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
