Fresh from the Trading Room: Got commodities?
The opinions expressed in this report are those of Inspirante Trading Solutions Pte Ltd (“ITS”) and are considered market commentary. They are not intended to act as investment recommendations. Full disclaimers are available at the end of this report.
Executive Summary
In the latest report, Inspirante Trading Solutions explores opportunities present in agricultural and energy markets, amid conflicting macroeconomic indicators, and heightened volatility in commodities.
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Upcoming economic events (Singapore Local Time):
Investors are closely watching the upcoming U.S. GDP and Core PCE numbers to see if they align with the current cooling CPI numbers.
Markets in focus
Figure 1: WTI Crude Oil Futures
Crude oil is consolidating within a tight range, supported by an ascending trendline. The bullish technical setup remains intact, and a breach above 80 will likely trigger the next leg higher.
Figure 2: Soybean Meal Futures (Jul 2024 Contract)
After completing an ascending triangle bottom, soybean meal prices rallied over 10% in days. They have since retraced to retest significant support around 365.
Figure 3: Soybean Futures (Jul 2024 Contract)
