Árupicai Összesítő: Olaj, ezüst, réz, kávé (Angol hír)

Oil

• Oil prices dropped as new, highly contagious strain of coronavirus risks another drop in demand for fuels

• Several countries imposed travel restrictions to and from the United Kingdom

• Christmas period lockdown measures imposed in several European countries pose a risk of a drop in mobility. New strain of virus creates risk that lockdowns will be extended beyond New Year

• On the other hand, Pfizer's vaccine got approved in the European Union putting the bloc on track for a start of vaccination process by the turn of the year

• Russia said that it will support increase of OPEC+ production at a meeting in January

• Strong demand in November has caused Indian refineries to run at 101% capacity, up from 86.7% in October. However, amount of crude processed in November was still 5.1% year-over-year lower

Oil price took a hit over fears that new strain of coronavirus may result in longer and stricter lockdowns. Brent has formed a double bottom in the $49.60 area. Breaking above the zone at $50.90 could hint at pattern being in play and may herald a return towards a post-pandemic high at $52.45. Source: xStation5

Silver

• Silver and other precious metals rallied on Monday amid virus panic. However, most of the gains were erased by the end of the day

• USD strengthening has kept prices in check this week

• FOMC hinted last week that tightening is unlikely unless a substantial progress towards goals is made. Precious metals caught a bid as message signalled that in spite of boosted forecasts, monetary policy is likely to stay loose

• ETFs restarted silver purchases after nearly a month of stall. Silver ETF holdings increased 46% year-to-date

Rally on the silver market stalled following a failed attempt of breaking above the resistance zone marked by 61.8% retracement of the August-September correction. Precious metal gave back gains made on the back of yesterday's virus panic and has turned lower on the back of USD strengthening. However, bears struggle to push the price back below the 50% retracement ($25.75). Source: xStation5

Copper

• Passing of the US economic relief failed to provide more fuel to a rally on the copper market

• Worries over virus prevailed and pushed industrial metal off 7-year highs this week as markets became more concerned about economic recovery outlook

• Declines on the iron ore market are also serving as a drag on prices of other industrial metals. Dalian Commodity Exchange announce tighter trading limits on iron ore following recent surge in price, a move that has sent iron ore prices lower

• Copper inventories on the global exchanges continue to fall

• According to International Copper Study Group, copper deficit has widened to 155 thousand tonnes in September following a deficit of 72 thousand tonnes in August

Copper stockpiles on the global exchanges continue to fall signalling that fundamentals behind a recent rally remain in place. Source: Bloomberg

On the other hand, a slight reduction in net positioning could have been spotted recently as traders added bearish bets. Bullish bets remain near multi-year highs. Source: Bloomberg

Coffee

• Coffee price has reached a 3-month high last week after data showed US stockpiles dropping for the fifth straight month

• Brazilian coffee output is to reach 63.1 million bags in 2020, higher than a record 61.7 million bags produced in 2018. Total production is expected to be almost 28% higher than in 2019. However, 2019 was a "weaker" year in coffee's two-year cycle.

• On the other hand, drought in some parts of Brazil, including Minas Gerais region, may result in 2021 production to be 15-40% lower than in 2019 according to Brazilian Agriculture Ministry. Minas Gerais accounts for 70% of Brazil's arabica output

• Coffee prices dropped this week after over concerns that new virus strain may lead to longer lockdowns and weaker demand outlook in the developed world

Coffee continues to trade in a wide wedge pattern. Price has pulled back recently but a support was found at the zone ranging around 122.50. Long, lower wick of yesterday's daily candlestick hints at a strong bullish bias in the market. Should rebound extend beyond today, traders should focus on the psychological 130 area. Source: xStation5