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Hansen: My key levels for crude, gold and copper
It's been a mixed week for commodities with strong performances in energy while industrial metals were sold. Saxo Bank's Head of Commodity Strategy, Ole Hansen, says crude oil continues to fascinate and the disconnect between WTI and Brent has expanded. However, refinery demand is finally starting to pick up and WTI might have found a bottom around USD 93 per barrel.
Gold sentiment has somewhat improved thanks to pro-QE comments by the Fed chief nominee, Janet Yellen. Ole says he's looking to buy on a break back above USD 1,300 but he'll play on the current range between USD 1,260 and USD 1,295 per ounce.
Copper prices have disappointed, losing almost 3 per cent this week and it's broken through a key level of support. Ole's looking at a new near term range of between USD 3.10 and USD 3.20 per pound.
01:44 minutes
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