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Commodity Video Update: Strength despite uncertainty
July's strong US earnings season has boosted sentiment in the commodities complex, meaning 21 of the 25 commodities tracked by Saxo Bank are trading above their 200-day moving average. US economic data, however, show there is still an air of uncertainty.
Crude oil hits 3 month highs, back over $80 a barrel, on dollar weakness and reduced Brent Crude supply due to maintenance in the North Sea.
The recent gold sell-off looks to have come to an end due to technicals and a lifting of Chinese buying restrictions.
Russia, the world's 3rd largest exporter of wheat, is experiencing severe drought and related widfires, further reducing production and export estimates and driving prices higher.
Copper has rallied by 15% despite weak US housing data. So there may be a stall here.
08:57 minutes
Tags: commodities, copper, copperrally, crude, crudeoil, drought, earnings, earningsseason, gold, oil, rally, reutersforex, russia, usd, usearningsseason, useconomicdata, wheat