26th July 2017

 Commodities were on fire on Tuesday, save for the precious metals group, which ended mixed in fairly quiet trading. The most pronounced move occurred in base metals and oil; the former rocketed higher on account of fund buying, triggered by constructive charts and a weaker dollar, at least early on in the Asian session. Copper led the group, as it is benefiting not only from a breakout on the charts, but also from a number of sporadic strikes that are taking place in both Indonesia and Latin America. Other metals piggybacked on copper’s move, with nickel and zinc being particularly strong.