Brent crude oil, copper prices rise on supply concerns as silver price consolidates
Brent crude oil and copper prices rise on supply concerns, while the silver price consolidates amid 25% US tariffs on foreign steel and aluminium.
Brent crude oil price rises on supply concerns
The Brent crude oil price rises once more amid signs of tighter Russian supply and increasing supply risks. So far, the oil price has risen by 3% from last week's $73.94 per barrel low, with the 3 February high at $77.05 and the 200-day simple moving average (SMA) at $77.39 in the firing line.
Potential slips may find support along the 55-day SMA at $74.98. A fall through last week's low at $73.94 would open the way for the $73 region to be reached.
Brent crude oil daily chart
Silver price consolidates
The spot silver price trades back below its mid-December $32.33 per troy ounce high, having come off last week's three-month high at $32.65. Were a rise above the $32.65 high to ensue, the late September and early October 2024 highs at $32.71-to-$32.96 would be targeted.
The 19 to 25 November highs at $31.53 to $31.48 may offer short-term support.
Silver daily chart
Copper price extends rally
The copper price’s swift advance has so far taken it to $4.7145, with the 28 May 2024 high at $4.90 representing the next upside target ahead of the psychological $5.0000 mark. Potential slips may find support around the 12 June 2024 high at $4.6123 or the 20 June 2024 high at $4.5888.
Copper daily chart
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