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Hansen: Commodity markets heavy on metals

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Another week of strong gains in industrial metals helped offset losses in energy and precious metals. The recent gains especially in zinc and aluminum have been driven by increased speculation about a rising supply deficit in aluminum over the coming two years.

If you’re looking at trading copper, beware. Ole Hansen urges caution because copper doesn’t have the same supporting characteristics as aluminum and zinc. Copper has established a new range between 3.18 and 3.30 USD/lb, so Ole Hansen’s advice is to trade that range from the short side.

Due to geo-political worries lately the energy sector has been mostly flat. But strong refinery activity and decreasing demand in recent weeks should lead to a declining oil price.

Gold and silver are heading for a second week of straight losses. The downing of MH17 over east Ukraine resulted in a big rise in precious metals but Ole Hansen believes that the market has now turned its focus towards next week’s FOMC meeting and US jobs report.