Bespoke's Commodity Snapshot (9/2/08)

With oil trading down $8, we thought we'd update our trading range charts of major commodities.  Oil is currently making another leg down after breaking below $110 support.  The next level of support for oil is at the $100 level.  Commodities are down across the board today, but along with oil, natural gas, copper, and wheat are the only ones making lower lows.  Gold, platinum and silver still remain above their August lows, along with corn, orange juice and coffee.

click to enlarge

Comments

[ValueInvestor:]

Orange Juice and Sugar are my bets to go up significantly in the next year or so.

2008 Sep 02 02:24 PM

[Delojozafado:]

As oil drops and sugar rises ? would ALEX work? I certainly would like it more below $41.

2008 Sep 03 07:06 AM

[NOWHEREMAN:]

Looking for a cold winter or Huricane to wipe out OJ groves?

Cold winter will ensure Oil/NG stability.

2008 Sep 03 03:41 PM