Brent crude oil, copper prices rise on supply concerns as silver price consolidates
Brent crude oil, copper prices rise on supply concerns as 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 $73.00 region to be reached.
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.
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.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research 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.
Speculate on commodities
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
Live prices on most popular markets
- Forex
- Shares
- Indices
