Brent crude oil price trades near over 3-year low, copper, silver prices rally
Brent crude oil price trades near over 3-year low amid inventory build and increased output plan while copper price surges higher amid tariff concerns and silver price rises too.
Brent crude oil price briefly drops to over three-year low
The Brent crude oil price dropped to $68.22 per barrel, a level last traded in December 2021, before recovering slightly amid rising US inventories and plans to increase OPEC+ output.
The October 2024 low at $69.84 may offer short-term resistance ahead of the more significant $70.23 to $70.705 resistance area. It contains the October-to-December lows and is expected to cap this week.
A fall through Wednesday's $68.22 low would put the December 2021 low at $65.68 on the cards.
Brent crude oil daily chart
Silver price rally continues
Silver's price rally from its 28 February low at $30.81 per troy ounce has so far taken it to Wednesday's $32.71 high. Above it beckons the February peak at $33.39.
Potential slips may find support around the $32.33 December high.
Silver daily chart
Copper price surges by around 4%
The copper price rallied by over 4% to near its $4.8368 February high as US President Trump signed an executive order directing the Commerce Secretary to investigate the national security implications of copper imports, which may lead to the imposition of tariffs aimed at boosting domestic production.
This development raised concerns about potential supply constraints, prompting a surge in copper prices. Additionally, JP Morgan's forecast of a global deficit in refined copper, anticipating a 10% tariff on refined copper imports by late third quarter (Q3) of 2025, further contributed to market apprehensions and price increases.
While the February peak isn't overcome, a gradual slip back towards the 25 February high at $4.7015 may ensue.
Were the February peak at $4.8368 to be exceeded, though, the late May 2024 high at $4.9033 would be targeted ahead of the psychological $5.0000 mark.
Copper daily chart
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