Intraday Targets and Key Levels for Major Commodities

Wang Tao, a Reuters market analyst specializing in commodities and energy technicals, presented his latest intraday targets for a range of global contracts. For Brent crude futures (first month), support is seen at $106.31 and $101.57, while resistance stands at $111.06 and $116.94. WTI (first month) shows support levels at $99.04 and $94.67, with resistance at $103.42 and $108.84.

Palm oil (third month) is projected to find support around 4,658 and 4,639 ringgit, and resistance near 4,713 and 4,760 ringgit. Spot gold is trading with support at $4,655 and $4,582/$4,560, whereas LME copper (third month) has support at $13,200/$13,296 and resistance at $13,028/$12,945. LME aluminium (third month) shows support at $3,557/$3,543 and resistance at $3,586, $3,603 and $3,632.

On the agricultural side, CBOT soybeans for July are targeting $12.04‑1/2 and $12.00‑1/4 on the downside, with resistance at $12.16‑1/2 and $12.20‑1/4. July corn futures show support at $4.77‑1/4, $4.75‑1/4 and $4.73, while resistance lies at $4.80‑1/2 and $4.82‑3/4. Wheat (July) is expected to hold support at $6.20‑1/4 and $6.13‑1/4, and face resistance at $6.29‑1/2 and $6.35‑1/4. New York coffee (July) lists support at $2.8725/$2.85 and resistance at $2.9090/$2.9385, and New York cocoa (July) shows support at $4,167/$4,230 and resistance at $4,001/$3,927/$3,835. Prices are delayed and the analysis does not constitute business, financial or legal advice; readers should consult their own advisors.