Gold, crude oil, cotton, aluminum, coffee, natural gas, sugar, corn and wheat. All commodities. Brent crude, cattle, soybeans, cocoa, milk, platinum and orange juice concentrate. Yup, all still commodities. Discuss trading your favorites here!
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It seems that trading CFDs in the United States is unavailable. Only in the form of futures, which I have yet to understand…
Oil futures rose, with US prices settling at their highest level in nearly three weeks, a day before a meeting of the Organization of Petroleum Exporting Countries and their allies, where producers are expected to consider a large production cut.
Gold futures settled at their highest level in about three weeks, while silver ended at its highest level since June, as precious metals extended their previous session’s strong gains.
Overall Sentiment for December 2023:
Moderately bearish. Global growth worries, prospects of recession, and a strong US dollar creating headwinds for many commodities. However, some sectors like energy may be more resilient.
Key Trends and Themes:
Economic weakness weighing on industrial and precious metals like copper, aluminum, silver.
Crude oil rangebound but showing some resilience due to tight inventories and supply constraints.
Gold under pressure from dollar strength and rate hike expectations. Key support at $1700/oz.
Agricultural commodities mixed - soybeans firm on weather risks, grains weaker on demand worries.
Natural gas volatile on shifting weather forecasts - inventory levels remain a concern.
Trading Tips:
Scale into promising long-term positions slowly amid overall negative sentiment.
Favor relative strength in more defensive areas like energy, livestock, soft commodities.
Cut exposure if global equity selloffs accelerate further indicating worsening slowdown.
Keep position sizes small - volatility likely to remain elevated across many commodity markets.
Place stops to protect capital but give trades flexibility over short-term price swings.