Brent crude oil price still bounces off lows, while silver, sugar prices rally
The Brent crude oil price continues to recover from its multi-year low but may soon encounter resistance, while silver and sugar prices rally.
Brent crude oil recovers further from early September low
Brent crude oil futures’ prices are still recovering from their 68.53 early September low, a level last seen in November 2021, as oil sentiment is the most bearish in over a decade, perhaps pointing to an imminent reversal of fortunes for the commodity (see here).
The 5 and 21 August lows at 74.97-to-75.24 remain in focus but are likely to stall the bounce, at least temporarily. Having said that, immediate upside pressure will be maintained while Monday’s low at 71.18 underpins, together with the 9 September low at 70.51.
Below the early September 68.53 low lie the mid-May, August and November 2021 lows at 65.74-to-64.52.
Spot silver price revisits two-month high
The spot silver price’s over 11% rally from its early September low has so far taken it to the $31.24 per troy ounce mark, which is back in sight following Wednesday’s wobble and brief drop to $29.71. While it underpins, immediate upside pressure should remain in play.
Above $31.24 beckons the July peak at $31.75 which remains in sight. En route lies the 10 June high at $31.55 and further up the May peak at $32.51.
Sugar price surges to five-month high
The price of sugar has risen sharply due to reduced supply and in doing so has overcome its July and August peaks at 20.11 and 20.79, both of which should now act as support levels.
The sugar price is now trading at levels last seen in April with the early April peak at 22.65 representing the next upside target for the front month futures contract.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Trade on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- 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
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
