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The outcome of the US elections could significantly impact commodity markets, with a Kamala Harris win likely boosting demand for renewable energy commodities like copper and lithium, while reducing reliance on fossil fuels. In contrast, a Trump re-election may favor traditional fossil fuels through deregulation and increase demand for industrial metals due to infrastructure spending. Both scenarios could influence precious metals as geopolitical uncertainty drives demand for safe-haven assets like gold, alongside fiscal and monetary policies affecting the US dollar and commodity prices.
IG
Brent crude oil prices continue to decline as Israel indicates a willingness to heed US calls for restraint following an Iranian missile attack. The price is testing a downtrend line that previously provided support, with potential resistance at $75.22.Spot silver has seen an over 8% drop from a near 12-year high, currently facing resistance at $31.63, while US wheat futures have retreated from a four-month high, now hovering around the 200-day SMA at 590, with further declines anticipated if key support levels are breached.
IG
Brent crude oil prices have stalled below resistance levels at $74.97-$75.24 after a 6% rise, with potential movement towards $76.60 if surpassed. Spot silver has rallied over 11% to $31.43, eyeing $31.55 and $31.75, while sugar prices have surged over 21% to a seven-month high of $23.11, facing slowing momentum.
IG
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