May crude oil prices grinded lower during the overnight and early morning hours, pressured by weaker than expected first-quarter growth in China and renewed European debt concerns. The soft outside market tone weighed on equity markets and fueled gains in the USD, which offered further downside pressure on crude oil prices. Continue Reading…

The new low and higher close for the December cotton yesterday plus more talk of the oversold condition of the market are factors which point to a possible near-term low. The market does not seem to have the fundamentals to see much follow-through to the upside as burdensome beginning stocks plus a potential recovery in yield for the US for the coming season points to lower prices ahead. Continue Reading…

Not surprisingly US Treasuries have seen a moderate improvement in sentiment over the last 24 hours. With evidence of a sharp rise in Spanish bank borrowings overnight and a weaker than expected Chinese GDP readings, the bull camp in US Treasuries has garnered the initial upper hand. Continue Reading…

After a low to high swing this week of almost $50 an ounce, the June gold contract might have entered the action today a touch overbought technically. Therefore some of the weaker action this morning is probably the result of profit-taking, that in turn was probably brought on by less than stellar Chinese growth readings. Continue Reading…

The market upside short-term looks limited to a corrective bounce as the improving crop outlook for Brazil and a continued supply of exportable surplus sugar from Thailand and India could keep some light pressure on international prices. Continue Reading…

May corn was trading 1 cents higher late in the overnight session. Outside market forces look negative overnight with a weak US stock market and strength in the USD. May corn is down about 20 cents on the week in spite of talk of potential frost damage to some of the early planted crop, talk of a slowdown in plantings into the middle of next week due to increased rain and talk of China buying US corn on the break. Continue Reading…

In addition to disappointing Chinese GDP readings overnight, the copper market is also undermined by news that Chinese copper production in March rose sharply over year ago levels. Furthermore, Chinese January through March copper production rose by almost 10% over year ago levels and therefore the bear camp might suggest that copper is being presented with patently bearish supply and demand side news. Continue Reading…

July coffee has been unable to break out of this week’s trading range, as prices are finding moderate pressure this morning. Slumping global equity markets and moderate strength in the Dollar are weighing on prices, although coffee has avoided any severe negative reaction to last night’s disappointing Chinese GDP number. Officials in Honduras forecast their nation will have record coffee exports next season, although those supplies will not reach the global marketplace until late this year. Tight near-term coffee supplies in Southeast Asia may be helping to underpin prices within this current trading range. Weather forecasts for Brazilian coffee growing areas continue to call for mostly dry conditions over the next few days, which could have a negative impact on their upcoming crop. ICE exchange coffee stocks were down 1,270 bags at 1.532 million as of April 12th, with 5,925
pending review. A negative shift in macro-economic sentiment is keeping coffee on the defensive this morning. With few positive developments from the supply/demand front, however, July coffee remains vulnerable to a sharp selloff if the market breaks below the 180.00 level.

Technical Analysis

COFFEE (MAY): A positive indicator was given with the upside crossover of the 9 and 18 bar moving average. The daily stochastics gave a bullish indicator with a crossover up. Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The intermediate trend could be turning up with the close back above the 18-day moving average. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside target is 186.40. The next area of resistance is around 185.10 and 186.40, while 1st support hits today at 180.70 and below there at 177.60.

StockMarketNews Research Team

(139,94) The BUND confirmed further consolidation interior the previous the range of the inside day with 140,55 – 139,35 still the levels to follow in the coming hours. Only a daily closing below 139,35 will support lower levels, still our favorite scenery!! Continue Reading…

(6736) The DAX confirmed further consolidation interior the inside day with 6760 – 6560 still the levels to follow in the coming hours. In the hourly chart the DAX confirmed a reversed S_H_S formation with the neck line at 6725, now s/t support. Continue Reading…