Profit booking commodities, one commodity is expected to bounce back from its support level – Wheat.

Global Commodity Technical Analysis Report

Profit booking commodities, one commodity is expected to bounce back from its support level – Wheat.

01 May 2024

| Read Time :5 min

Wheat

Investment Type

Commodity

Risk Level

Action

Rec. Price (US$)

Global Commodity Market Wrap-Up

Last week, commodities prices witnessed profit booking in all segment due to no major global events. Profit booking in metals sector and recovery in energy. Gold prices traded in the negative zone and settled with a weekly loss of ~2.76% and Silver lost ~5.50% and other base metals also seen correction in price. Base metals ended in a small negative last week, Zinc and Copper prices maintained a weekly gain of ~0.44% and ~0.81% and Lead closed in loss of ~0.60%.

On the Energy front, Natural Gas prices recovered from lower level but lost momentum and settled at a weekly loss of ~3.27%. Moreover, Crude Oil gained momentum and prices settled in green with gains of ~1.98%. Meanwhile, agricultural commodities traded positive, but Sugar closed in negative of ~2.10%.

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Global Commodity Technical Analysis Report