Intraday Commodity Targets and Key Levels

Wang Tao, a Reuters market analyst specializing in commodities and energy technicals, presented his intraday price targets for a range of contracts. For Brent crude (first month), the target zone lies between $105.03 and $107.47, with support levels at $99.56 and $97.48. WTI (first month) shows a target range of $99.04 to $100.26 and support around $94.67 to $94.07.

Spot gold is projected to trade between $4,678 and $4,655, while resistance levels sit at $4,737, $4,755 and $4,773. Base metals on the LME include copper (third month) targeting $13,200 to $13,130 with resistance at $13,398 and $13,461, and aluminium (third month) aiming for $3,510 to $3,482, resistance at $3,557 and $3,586.

Grain contracts on the CBOT show July soybeans targeting $11.99‑½ to $12.09‑½, with support at $11.91‑½ and $11.83. July corn is expected between $4.71‑¾ and $4.64‑½, support near $4.61, while wheat targets $6.20 to $6.25‑¾, support levels ranging from $6.10‑½ to $6.04‑¾. Soft commodities include July coffee targeting $2.7575 to $2.7820, support at $2.7235, $2.6875 and $2.6650, and July cocoa with a target of $4,315 to $4,230, resistance at $4,463, $4,555, $4,629 and $4,703. Prices are delayed; readers should seek independent advice before acting on this analysis.