2023-12-28 09:48:01
Global commodity markets are expected to enter 2024 buoyed by expectations of interest rate cuts from the US Federal Reserve, which could revive a flagging global economy and its demand for industrial materials.
However, increased supplies of non-OPEC crude oil, refined products and petrochemicals in China and India could weigh on energy markets, while the liquefied natural gas (LNG) market is expected to be finely balanced.
Hopes of further stimulus from Beijing are driving up iron ore prices, while dry weather and export curbs are expected to weigh on supplies of basic foodstuffs.
For more on the outlook for commodities in 2024, see below: ——————————– —————————————— ENERGY > YEARENDER – The major oil companies enter 2024 strengthened by the consolidation of the American industry > Asian refiners face a glut of diesel supply in 2024 > The Asian fuel oil market is expected to weaken in 2024 due to the supply from Kuwait and Russia > Global LNG markets seen as ‘finely balanced’ in 2024 with demand under control > Oil investors enter 2024 amid oversupply and demand concerns > New Indian petrochemical shipments will weigh on the steps
METALS > Iron ore set to hit $150 in 2024 thanks to Chinese stimulus measures, analysts say
AGRICULTURE > 2024 global food staple supply to be hit by dry weather and export restrictions in Q1 2024 COMMODITIES TECHNIQUES > Brent oil could hit 86.41-96 range $.48 > US oil could reach the range of $83.53 to $86.81 > Palm oil could reach the range of $83.53 to $86.81 > Palm oil could reach the range of $83.53 to $86.81 $96.48.81 > Palm oil could enter range of 4,235-4,399 ringgit > Spot gold could reach $2,268 > LME copper could retest support at $8,065 > LME Aluminum could test resistance at $2,360 > CBOT Soybeans could retest resistance at 14.00-1/2 > CBOT Corn could retest resistance at 4.95-1/2 > CBOT Wheat could reach a range of $7.06 to $8.16-1/4 > New York coffee could retract to a range of $1.6015 to $1.7070 > New York cocoa could reach a range of 4,466 to $1.7070 $4,639 > Dollar index could fall to 98.98 (Reporting by the Global Commodities and Energy Team; Edited by Tomasz Janowski)
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