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FUNDAMENTALS OF COMMODITY:

Copper futures resumed their downward trend towards $4.3 per pound, the lowest value in over two weeks, amid a recovery in LME warehouse storage levels. On October 14th, the LMI stocks hit 14,150 tonne, the lowest since 1998-low sparking supply concerns and pushing cash LME premiums to a record high over the three-month contract. As a result, the LME took actions to maintain an orderly market including changing its lending guidance rules, limiting the backwardation and allowing deferred delivery of some positions.

WTI crude futures reversed earlier losses to settled 0.9% higher at 83.57 per barrel in the last session of October, close to a seven-year high of $85.41 hit on Monday, on expectations that OPEC+ would maintain production cuts during next Thursday’s meeting. The concerns about a larger-thanexpected addition in US crude oil inventories last week and a likely return of Iranian oil to the markets caused the contract to fall about 0.6% on a weekly basis, snapping a nine consecutive weekly rally.

Gold fell more than 1% toward the $1,775 a troy ounce level on Friday, moving away from a 6-week high of $1,807 hit on October 25th, as the dollar index rebounded from a 1-month low and Treasury yields climbed higher. Among US data, personal spending beat market forecasts and core PCE inflation came in in line with expectations while the employment cost index rose at a record pace

GOLD

Technical indicators

RSI- 54.4391

MACD- 300.0336

MOVING AVERAGES (20,50,100)- (47381/47014/47228)

CRUDE OIL

Technical indicators

RSI- 65.2493

MACD- 199.1022

MOVING AVERAGES (20,50,100)- (6116/5576/5432)

COPPER

Technical indicators

RSI- 48.5652

MACD- 8.2629

MOVING AVERAGES (20,50,100) - (754.2/731.2/728.7)

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