U.S. Dollar Is Driving the Move in Commodities, Not Fundamentals
Commodity complex stability is really predicated on the movement in the U.S. dollar, says NYMEX independent metals trader Eric Zuccarelli.
Eric Zuccarelli, independent metals trader on the NYMEX trading floor, tells TheStreet's Jill Malandrino that commodity complex stability is really predicated on the movement in the U.S. dollar. The $1,200 level is still key and gold is going to remain in that $40-$50 range, Zuccarelli explains, because everything is so headline driven, versus long-term position taking. Copper is close to a four-week high, following a few volatile sessions around mining and infrastructure issues in Chile and Chinese demand concerns. Zuccarelli says now that we have cleared key technical levels in crude, he would let it settle in a range before making a move because the underlying fundamentals are still weak.
