{"id":20257,"date":"2024-10-02T20:13:43","date_gmt":"2024-10-02T20:13:43","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=20257"},"modified":"2024-10-02T20:13:43","modified_gmt":"2024-10-02T20:13:43","slug":"market-watch-key-commodities-impacted-by-geopolitical-tensions-longshoremen-strike-and-chinas-stimulus","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/market-watch-key-commodities-impacted-by-geopolitical-tensions-longshoremen-strike-and-chinas-stimulus\/","title":{"rendered":"Market Watch: Key Commodities Impacted by Geopolitical Tensions, Longshoremen Strike, and China’s Stimulus"},"content":{"rendered":"Get Real Time updates and more by joining our Private Facebook Group<\/a>!\r\n\r\n\r\n\r\nSubscribe to our\u00a0YouTube Channel<\/a>\r\n\r\n\r\n\r\nListen to our Market Recap Podcasts on Apple Podcasts<\/a>\r\n\r\n\r\n\r\n
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Bullet Points, Highlights, Announcements<\/h3>\r\nBy Mark O’Brien, Senior Broker\r\n\r\nGeneral:\u202f\u202f\u00a0<\/strong>\r\n\r\nKeep an eye out for commodity futures broadly, for bullish moves.\u00a0 Geopolitical tensions and the Iranian missile strike on Israel are dominating the commodity news so far this week.\u00a0 The most visible reaction was seen in crude oil prices, which pushed higher as fears of supply disruptions escalated.\r\n\r\nIn other news causing unease to a range of commodities futures, the first strike by the International Longshoremen’s Association since 1977 is potentially closing ports from Houston to Boston and once again threatening supply chains.\r\n\r\nAnother key development adding some fundamental bullishness to commodities: China\u2019s largest stimulus package since the pandemic, with the promise of more to come.\u00a0 Last week, China unleashed a package of monetary and fiscal easing measures, launching China’s benchmark CSI 300 Index 27% from its September lows into fresh bull market territory.\u00a0 These aggressive actions are already reverberating through global commodity markets.\u00a0 Iron ore futures have surged over 20% in China.\r\n\r\nMetals:\u00a0<\/strong>\r\n\r\nAfter closing above $2,700 per ounce for the first time \u2013 an all-time high \u2013 last Thursday, December gold<\/a> eased to $2,677 per ounce at the time of writing.\u00a0 Overall, gold\u2019s near 7-month price increase reflects traders\u2019 bullishness amid the current geopolitical tensions and the prospect of more interest rate cuts in the U.S.\r\n\r\nEnergies:\u00a0<\/strong>\r\n\r\nDespite the recent reaction by crude oil<\/a> related to the aforementioned geopolitical tensions, in a monthly Reuters poll released Monday, 41 analysts and economists cut their 2024 oil price forecasts for a fifth consecutive month.\u00a0 Weaker demand and uncertainty over OPEC\u2019s plans were cited.\u00a0 In April, driven by Middle East tensions and OPEC+ supply cuts, oil prices surged past $90 a barrel.\u00a0\u00a0 Since then, declining demand trends have led to an supply overhang and crude oil has reversed course, dipping below $70 per barrel this month.\r\n\r\nImportant heads up:\u202f\u00a0<\/strong>\r\n\r\nit\u2019s that time of the month again: we\u2019re a couple of days from\u202fwhen the Labor Dept. releases its monthly Non-farm payrolls report.\u202f It\u2019s widely considered to be one of the most important and influential measures of the U.S. economy and the report is released at 7:30 A.M., Central Time on the first Friday of the month.\r\n\r\nTo review, the Labor Dept.\u2019s Bureau of Labor Statistics surveys about 141,000 businesses and government agencies, representing approximately 486,000 individual work sites.\u202f The report excludes farm workers, private household employees, domestic household workers and non-profit organization employees.\u202f The report also includes other detailed industry data including the overall unemployment rate as a percentage of the total labor force that is unemployed but actively seeking work, wages, wage growth and average workday hours.\r\n\r\n \r\n\r\nSide note:\u00a0<\/strong>\r\n\r\nPower is only one of the worries for the survivors of Hurricane Helene \u2013 in so many of the Appalachian towns and other hard-hit areas.\u00a0 Those in the hurricane\u2019s wake are struggling to access clean water, safe shelter, clear roads, gasoline and food, among other necessities.\u00a0 With that said, as of Wednesday morning, more than 1.2 million outages remain across the region.\r\n\r\n \r\n\r\nHere are some of the latest figures on the number of reported outages:\r\n\r\n \r\n