The commodities Market witnessed Profit Booking, One Commodity Expected to Reverse from its Support Level– CME: LXRK24

Global Commodity Technical Analysis Report

The commodities Market witnessed Profit Booking, One Commodity Expected to Reverse from its Support Level– CME: LXRK24

24 April 2024

| Read Time :5:00 Mins

Lumber

Investment Type

Commodity

Risk Level

Action

Rec. Price (US$)

Global Commodity Market Wrap-Up

Last week, metal commodities sustained their rally, closing with positive gains. Gold prices traded bullishly, settling with a weekly gain of approximately ~2.32%. Additionally, Silver also experienced a rally, closing positively with a gain of ~2.46%. Other base metals similarly saw a surge, with copper and zinc prices witnessing weekly gains of ~6.29% and ~1.21%, respectively. Lead also closed positively, with a gain of ~2.99%. Overall, base metals ended the week in the green.

On the energy front, Natural Gas prices remained within a range-bound zone due to sluggish demand, resulting in a weekly loss of approximately ~0.38%. Crude oil prices also experienced a recovery from lower levels but ultimately settled with a weekly loss of ~2.74%. Meanwhile, agricultural commodity prices traded negatively overall, with several commodities closing in the negative zone. US Sugar faced resistance and closed with a loss of ~2.90%.

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Global Commodity Technical Analysis Report