Technicals | Sep 06 2011
By Rudi Filapek-Vandyck
It's difficult to remain positive on industrial commodities when equities continue weakening and with economists worldwide continuously lowering global growth forecasts for the years ahead. The team of technical market analysts at Barclays in London has put its previous bullish bias aside, focusing instead on what can no longer be denied: there's mounting selling pressure for risky assets.
However, the analysts suggest further weakness for the likes of crude oil, copper and aluminium will remain limited, with Brent futures anticipated to find support at US$109/bbl and with copper likely to equally find support at US$8830/tonne. The analysts state they are and remain buyers in dips for aluminium, with the caveat that a price fall below US$2300/tonne would force them to review their ongoing bullish stance.
Technical limitations
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