Commodity Blog

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Rubber Retreats on Supply & Demand Expectations, Oil Remains Flat Posted: 20 Aug 2012 04:55 PM PDT Rubber fell today on speculations that supply is growing, while demand is falling. China’s economy shows signs of slowdown continuously, signaling that demand for raw materials in the second biggest economy would wane. China contributes 33 percent to global consumption of rubber. Some analysts claim that it is not time to become too bearish as demand may yet return. January futures for delivery of rubber slid as much as 1.8 percent to 217 yen per kilogram ($2,730 per ton) before trading at 219.40 yen in Tokyo today. Oil was flat as good and bad news from Europe negated each other. On the negative side, the Bundesbank criticized the bond buying plan of the European Central Bank. On the positive side, Greece promised that it would reach the bailout terms. September contract for delivery of crude oil slipped $0.04 to $95.97 on NYMEX today. Brent crude closed at $96.11 per barrel on ICE today, following the drop from $96.27 to $95.02. (...) Read the rest of Rubber Retreats on Supply & Demand Expectations, Oil Remains Flat (12 words) Posted on Commodity blog.

Inverted Head-and-Shourlders Pattern on Copper 4-Hour Chart Posted: 20 Aug 2012 06:57 AM PDT The inverted head-and-shoulders pattern has formed on the 4-hour chart of copper, giving bulls hope that the industrial metal is ready to start a rally. The metal was falling since April, stopped the decline in June and since then it was trading in a wide range. Perhaps, copper is ready to go higher on the back of improving outlook for the global economy? The yellow lines mark the ”shoulders” of the chart. A breakout would occur if the price goes above the neckline (the top yellow line). Traders should not jump in immediately in case of a breakout and should wait till the pattern is confirmed. If the price reaches the level marked by the cyan line, that would a time to enter a long position with the objective at the level shown by the green line. Click the image to enlarge it to a full-size screenshot: If you have any questions or comments regarding this chart pattern for copper, please feel free to reply below. Posted on Commodity blog.

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